Pi Network Extends Verification Period, Threatens Forfeiture of Tokens – CryptoMode
The Pi Network, a cryptocurrency project that recently opened its network to public access, continues to grapple with credibility issues as it extends a crucial verification deadline, prompting renewed skepticism among crypto users.
The project, which allows users to mine its PI token through a mobile app, has repeatedly pushed back the deadline for completing Know-Your-Customer (KYC) verifications and migrating to its main network.
This process, dubbed the “Grace Period,” was initially set to conclude in February, then extended to March 14, a move that, while welcomed by some, reignited accusations of delays and potential fraud.
A Stark Warning
Now, the Pi Network team has issued a worrying warning: Users must complete the verification procedures by the new deadline or risk forfeiting the majority of their accrued PI tokens, barring those mined within the preceding six months.
The Grace Period requires both KYC and Mainnet migration to be completed by 8:00am UTC on March 14, 2025, to avoid forfeiting most of your Pi other than Pi mined within the rolling window of the last 6 months before your Pi is migrated – the project wrote on social media.
While the team has pledged there will be no more deadline extensions, many in the community remain unconvinced, citing the project’s history of prolonged delays. This pattern has fueled a growing sense of distrust, with some users alleging the project is a sophisticated scam.
Pi Network’s Controversial History
The Pi Network project’s history has been mired in controversy, with an internal crisis back in 2020 surrounding its co-founders, leading to allegations of financial mismanagement. That dispute was only resolved in 2023, with details about how it was settled remaining confidential.
The project has been accused of operating like a pyramid scheme over its lack of transparency, while others say the structure resembles that of a Ponzi scheme. Earlier, Bybit CEO Ben Zhou cited a Chinese police warning to accuse Pi Network of fraud.
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