The Pi Network’s prolonged lockup periods have driven frustrated users to sell their accounts, raising security and legal concerns within the cryptocurrency community.
Growing Discontent Among Pi Pioneers
Pi Network, a blockchain-based cryptocurrency accessible via mobile mining, was initially praised for its inclusive approach. However, its lockup mechanism—intended to stabilize supply and reduce inflation—has led to unintended consequences.
According to the latest data, out of 11.5 million total accounts, 7.2 million (62.6%) have locked their Pi coins for three years, with smaller groups committing to six-month (1.1 million) and one-year (1.6 million) lockups. This means a significant portion of Pi coins won’t become tradable until late 2027 to early 2028.
For many users, this restriction has become an insurmountable hurdle. Some who initially saw Pi as a casual mining opportunity now find themselves unable to access their holdings. This frustration is fueling a growing black market where users are selling their accounts, complete with passphrases, to bypass the lockup.
Selling Pi Accounts: A Risky Alternative
A search for “sell locked Pi” on social platforms like X (formerly Twitter) reveals numerous offers. One user wrote, “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.”
However, this practice comes with significant risks. Sharing passphrases means at least two people have access to an account, increasing the chances of theft or fraud. Additionally, buyers face potential scams, as sellers might provide fake accounts or invalid passphrases.
Beyond security risks, selling accounts could violate Pi Network’s terms of service, possibly resulting in permanent bans or forfeiture of coins. This leaves both sellers and buyers vulnerable, with little to no recourse in case of disputes.
Market Decline and Migration Challenges
Meanwhile, Pi Network is facing broader challenges. Users have reported technical issues preventing migration to the mainnet, prompting calls for an extension of the March 14 deadline. Additionally, Pi Coin’s market performance has taken a hit, with the altcoin losing 22.2% in the past week. As of writing, Pi Coin is trading at $1.3, reflecting continued bearish sentiment.
With increasing dissatisfaction and declining prices, the future of Pi Network remains uncertain. Whether the project can regain user trust and provide viable solutions remains to be seen.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
Also Read: Pi Network Slumps 8% as $480M Unlock Nears – Can Pi Day Revive Momentum?
