YEREVAN (CoinChapter.com) — Pi Network users, called Pioneers, are selling their accounts as frustration grows over long lockup periods preventing access to their Pi coins (PI). The platform, designed for mobile-based cryptocurrency mining, introduced a system restricting withdrawals for years. This has led to users bypassing the rules by selling entire accounts, including passphrases, despite serious security risks.
Pi Network Lockup Periods Drive Account Sales
Pi Network promised a decentralized mining experience, allowing users to earn PI coins on mobile devices. However, its lockup mechanism has left most accounts unable to access their funds. Out of 11.5 million total accounts, 7.2 million have their Pi coins locked for three years, making them inaccessible until 2027 or later.
Many users regret locking their Pi coins for such long periods. The delay in access has pushed some to look for buyers, hoping to cash out before the unlock date. On X, users post offers to sell accounts with locked balances. Some provide complete access through passphrases, raising concerns about security risks.
One post read:
“A friend has 2,136 Pi for sale. The Pi is locked until 2027. If you buy, you will receive the passphrase, which grants full access to the wallet.”
Security and Legal Concerns in Pi Network Account Sales
Selling Pi Network accounts comes with risks. Sharing passphrases means both the seller and buyer have access to the same wallet, increasing the chance of fraud. Buyers risk purchasing accounts that may be stolen or already compromised.
Since Pi Network’s terms of service do not allow account transfers, users who sell or buy accounts risk losing access to their funds permanently. Scams are another concern, as dishonest sellers could provide invalid passphrases, leaving buyers with no way to access the Pi coins they paid for.
A user on X commented:
“Normies have been mining that PI stuff every day for about three years. I was sure it was a scam, but hey, it looks like might get something out of it after all. The funny thing is, most of the normies locked it up for 3–5 years and now wish they could sell their PI.”
Pi Coin Price Decline and Migration Issues
In addition to lockup frustrations, many Pi Network users report problems migrating their Pi coins to the mainnet. Technical issues prevent balance transfers, leading to calls for extending the March 14 migration deadline.
Meanwhile, Pi Coin continues to lose value. The altcoin has dropped 22.2% in the past week. As reported by TradingView, investors are withdrawing from Pi Network, increasing bearish sentiment. At the time of writing, Pi Coin was trading at $1.3, down 0.7% in the past 24 hours.
