Pi Network users frustrated on revocation of tokens

"For four years I did everything I could to invite others to join Pi Network and increase my token count—promoting on social media, even using family members' and friends' phones to create accounts under my referral code," Ngoc Ngan of Quang Tri Province says.

She accumulated nearly 300 referred accounts and around 15,000 Pi tokens.

Of the latter, 2,000 were transferred to her mainnet wallet and became tradable but the rest were revoked on Friday because her referrals did not complete the know your customer (KYC) identity verification process.

On Pi, users earn additional tokens on and a higher mining rate by inviting others.

Pi Core Team (PCT), the entity behind Pi Network, initially set a KYC deadline for the end of 2024 but later moved it to February and then to March 14, known as Pi Day.

"I urged my referrals to complete KYC, sending messages, calling them, and posting reminders in Pi Network groups," Ngan says.

"But it was all in vain—over 10,000 Pi tokens were revoked. Based on the current rate, that is more than US$15,000 gone. More importantly, I made significant sacrifices to recruit users, only to be left with nothing."

Hoang Viet of central Quang Ngai Province, also in central Vietnam, says he was "extremely anxious" as more than 6,000 of his Pi tokens were at risk of being revoked.

By Friday his unverified balance appeared in his account, but he fears PCT would soon reclaim the tokens due to his referrals’ failure to complete KYC.

Hoang Anh, an administrator of a Pi Network Facebook group with over 150,000 members, says complaints about revoked tokens had flooded the platform since the deadline passed, with some users losing more than 30,000 coins.

Others have accused PCT of being a scam and called for a boycott after previously supporting the project.

Duc Cuong, a cryptocurrency expert with five years’ experience, says revoking tokens due to failure to verify identities is common in airdrop-based cryptocurrencies like Pi.

"This process helps eliminate fake and fraudulent accounts created solely to claim free tokens," he explains.

A blockchain expert in HCMC points out Pi tokens already transferred to mainnet wallets are on-chain and decentralized, meaning they cannot be revoked.

Tokens in unverified wallets remain under PCT’s control, and can be distributed or revoked. March 14 also marked Pi Network’s sixth anniversary. Pi’s price has dropped from $1.73 to $1.40.

Pi can be mined for free by tapping a button on its mobile app daily. Vietnam is among the countries with the most Pi miners. The project has been controversial, taking nearly six years to enter the mainnet, finally allowing users to transfer Pi to exchanges for trading on Feb. 20.