The Pi Network’s core team has issued a crucial reminder to its users regarding the upcoming deadline for completing the Know Your Customer (KYC) process and migrating to the Pi Mainnet. The announcement, posted on January 5, 2025, emphasizes that these steps must be completed by January 31, 2025, to avoid losing access to the majority of users’ Pi coins they have mined.
The KYC process is an essential step designed to confirm the identity of users and ensure compliance with anti-fraud measures. For those who do not complete KYC, most of their Pi holdings will be rendered inaccessible, essentially forfeited, as part of the Core Team’s efforts to maintain the integrity of the network and eliminate accounts created through fraudulent or automated means.
With over 100 million users on the Pi Network, the reminder is crucial as only 13 million users were KYC verified as of August. This means that almost 50% of pioneers are pending to complete KYC, although these statistics are subject to change as new information becomes available. As of now, all these pioneers are on the verge of losing their hard-mined Pi coins if they do not comply with the KYC requirements by the deadline.
To address the bottleneck in KYC verification, around 1.2 million Pioneers who were previously unable to move forward with their KYC application have been unblocked in just the past few months. Additionally, the Pi team has invited existing verified users to become validators to help facilitate the process.
The team is urging users to act immediately to ensure their migration to the Mainnet, securing the full value of their Pi holdings. With less than a month remaining until the deadline, Pioneers are encouraged to take immediate steps to secure their participation in the Mainnet and safeguard their Pi coins.
It is essential for users to heed this reminder and complete the KYC process before the January 31 deadline to avoid losing access to their hard-earned Pi coins. Failure to comply with these requirements within the rolling six-month window could result in the forfeiture of most of their Pi holdings. Users are advised to act promptly to secure their participation in the Pi Mainnet and protect their assets.