- Number of accounts that have gone through the KYC process for Pi surpassed 10 million users
- Frauds around the Pi network have affected sentiment though
The Pi Network has been in the crypto-sector for quite some time now, allowing users to mine the cryptocurrency through an app on their phone. It is in the news again today owing to a significant milestone.
New developments for Pi
According to a 16 April tweet from the Pi Network, its app has surpassed the milestone of 10 million users who have undergone identity verification through the Know Your Customer (KYC) process.
Pi Network’s team has pledged to launch a mainnet, while enabling trading of its tokens upon reaching certain milestones, including the verification of 15 million users through KYC. With 10 million accounts already verified, the KYC target will be met once an additional five million users complete the verification process.
As per the announcement, the 10 million users, referred to as “Pioneers,” have completed identity verification using the app’s native solution, Pi KYC.
Source: X
Problems “Pi”le on
However, despite achieving this milestone, there are some challenges ahead as well.
For example – A recent report stated that Pi Network has become a breeding ground for scams and deception. Many players attempting to exchange the virtual currency Pi have fallen victim to fraudulent schemes, resulting in losses.
According to the same, numerous accounts have been identified posting on Pi Network’s Facebook groups. They have been claiming to buy Pi at inflated prices while asking users to transfer the currency first before receiving payment. However, once the sellers transfer their Pi, the accounts vanish, leaving them with nothing to show for their efforts.
The report also addressed the complexity of Pi Network’s operations, with the project still in the “closed mainnet” phase, meaning transactions can only occur between players and not on cryptocurrency exchanges. This legal gray area has made it challenging for authorities to address the issue effectively.
These factors have affected sentiment around the Pi network and its token negatively. It remains to be seen how the launch of the mainnet will impact the Pi network going forward.
At press time, Pi token’s price was $37.43, with its value up by 0.85% over the last 24 hours.
Source: CoinMarketCap