On the 14th (local time), BeinCrypto reported this, and as a result, the PI price dropped by approximately 11%.
On March 14th, Pi Network marked "Pi Day" by closing the main KYC verification and token migration to the mainnet.
Users who did not complete the verification lost most of their PI tokens, except for those mined in the past six months.
The Pi Network development team emphasized that KYC and mainnet migration must be completed by 8 AM (UTC) on March 14th.
However, some users claimed they were unaware of the deadline, and there have also been reports of users losing PI tokens during the verification process due to technical issues.
Due to errors in the KYC system, some users lost their assets or experienced confusion during the verification process.
As a result, some community members expressed their dissatisfaction, calling Pi Network a "scam." Despite Pi Network extending the deadline multiple times and issuing warnings, dissatisfaction within the community has not subsided easily.
This controversy, along with the large-scale token losses, has accelerated the decline in the PI price.
