Pi Coin has experienced a slight drop of around 4% in the past 24 hours, now sitting just above the $0.60 mark. This comes after a brief surge to $1.70 in mid-May fueled by excitement over a major Pi Network announcement, which ultimately fizzled out before the news was even released. The token has since retraced most of its gains, indicating a shift in sentiment from enthusiasm to caution as traders reassess its short-term prospects.
Despite completing Know Your Customer (KYC) procedures and following all migration steps, many users have reported seeing zero balances in their wallets, leading to a wave of backlash against the Pi Network Core Team. In response to the growing frustration within the Pi community, Pi Network has issued a comprehensive safety tip and advisory for its users.
The frustration escalated further after the Pi Core Team released a wallet security advisory, urging users to safeguard their seed phrases. Instead of providing reassurance, the post sparked outrage, with users demanding answers about failed migrations and accusing the team of repeated delays.
One user, Haifeng Chen, expressed his frustration on X, demanding the return of his hard-earned Pi after six years of work without any progress in mapping it.
Several users and validators have reported that despite completing KYC and the mainnet checklist, their wallets still display no tokens. Some have even noted the generation of multiple wallet addresses, causing confusion and casting doubts on the reliability of the migration system.
Community leader James Zito has joined the chorus calling for accountability, emphasizing the need for the Core Team to address the issue before Pi Day 2 on June 28. Dr. Altcoin echoed this sentiment, urging the team to reward early supporters of the project.
In the midst of these challenges, investors are advised to exercise caution. Dr. Altcoin warned of scammers posing as helpers, who may demand a portion of users’ Pi tokens before ultimately stealing the rest. He advised Pioneers to only use official Pi apps and to seek assistance exclusively from the Core Team in case of wallet compromises, avoiding external parties offering paid services.
Speculation now centers on a potential Phase 2 migration update that is anticipated to tackle KYC delays and resolve balance discrepancies. As the Pi community waits with a mix of frustration and hope, the focus remains on resolving these issues and restoring trust in the project.