Pi Network News: Users Sell Accounts Amid Mainnet Migration Issues

As Pi Network approaches the end of its grace period for migration to the mainnet, it is running into serious problems. Many users are trying to sell their accounts, frustrated by the long lockup period. Others are struggling with technical issues while attempting to complete the migration. These challenges have shaken investor confidence, leading to a 20.6% drop in PI’s price over the past week.

Here’s what’s happening.

Millions of Accounts Remain Locked

Pi Network has over 11.5 million accounts, but most of them remain locked. At least 62.6% of all accounts are locked for three years, meaning their coins cannot be traded until the period ends.

Accounts with shorter lockup periods are far fewer. Around 1.1 million accounts are locked for six months, while nearly 1.6 million remain locked for one year.

Users Turn to Account Sales to Bypass Lockups

Many Pi Network users, frustrated by the long wait, are now trying to sell their accounts. Social media platforms have become a marketplace for these transactions.

A post on X by Pending Ustaz reads: “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.”

A quick Google search for “sell locked PI” reveals multiple listings from users trying to cash out.

Account Sales Come With Serious Risks

Selling Pi Network accounts is against the platform’s rules. Accounts sold illegally could be invalidated, meaning buyers might lose access. There is also a high risk of scams, as fraudsters can take advantage of these unofficial deals.

Additionally, sharing passphrases this way weakens the security of the entire network, making it more vulnerable to attacks.

Migration Deadline Nears, But Many Face Technical Issues

The deadline to migrate to the mainnet and complete KYC verification is set for March 14. However, not all users have managed to complete the process due to technical errors. Many are now asking Pi Network to extend the deadline.

It is unclear if granting an extension would help, as the project is already struggling with declining market confidence.

PI Price Drops as Market Sentiment Weakens

Pi Network’s ongoing issues are clearly reflected in its price. Over the past 14 days, PI has lost 12.4% of its value, with a 20% drop in just the past week.

On February 20, PI was priced at $1.84. Today, it stands at $1.39, which is 110.79% below its all-time high of $2.93.

With more users losing patience and unauthorized account sales increasing, Pi Network is facing a tough situation. While some are looking for an early exit, they risk security threats and possible bans. Meanwhile, the ongoing price drop raises serious concerns about the project’s long-term future.

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