A growing movement among Pi Network users, known as Pioneers, has emerged as many opt to sell their entire accounts in a desperate response to the long lockup periods that prevent access or trading of their Pi tokens amid the ongoing market drop.
Pi Network, which allows users to mine tokens through a mobile application, has been dealing with significant controversy after recently extending the verification period for know-your-customer (KYC) checks for users. The project, given its nature and marketing, attracted numerous retail investors.
According to recent data from ExplorePi, of the 11.5 million accounts on the Pi Network, 1.1 million Pioneers locked their PIs for 6 months, 1.6 million for one year, and the majority, 7.2 million (62.6%), opted for a three-year lockup. These coins will not become tradable until late 2027 or early 2028.
“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.” one user explained on X. “The funny thing is, most of the normies locked it up for 3–5 years and now wish they could sell their PI.”
This impatience has led some Pioneers to bypass the lockup by selling their accounts, including the security phrases, to get instant access to their tokens, rather than waiting for their lockup periods to expire.
Hey Tweeps,
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.
Serious buyers only please do not DM if you’re not ready to pay first.
For inquiries, DM via +2349018401840.
If you… pic.twitter.com/eqdC1qnXok
— Pending Ustaz👳🏽♂️📿 (@PendingUstaz) March 6, 2025
Some users have resorted to selling their tokens for instant liquidity, and others have reported wallet mismanagement cases where “some have had their Pi stolen by friends who somehow gained access to their accounts.”
Pi Network Cont”oversy Grows
The Pi Network project has navigated a turbulent history marked by internal discord and persistent accusations of financial mismanagement.
The lack of project’sncy has fueled accusations of operations akin to a pyramid scheme. At the same time, other critics have also drawn comparisons to a Ponzi scheme, highlighting concerns about its sustainability and operational structure.
Notably, Ben Zhou, CEO of the Bybit exchange, publicly cited a warning from Chinese law enforcement accusing the Pi Network of fraudulent activity.
