Following the news, Pi Coin has dropped around 4% in the last 24 hours, now hovering just above the $0.60 mark. While it briefly surged to $1.70 in mid-May amid hype over a major Pi Network announcement, the rally faded even before the news went live. Since then, Pi has retraced nearly all gains, reflecting a shift in sentiment from excitement to caution as traders reassess the token’s short-term potential.
Despite completing KYC and following all migration steps, many users report seeing zero balance in their wallets, triggering a wave of backlash against the Pi Network Core Team. Looking at the growing frustration in the Pi community, Pi Network has released a detailed safety tip and advisory for its users.
The outcry intensified after the Pi Core Team issued a wallet security advisory, warning users to safeguard their seed phrases. But instead of reassurance, the post triggered outrage. Users demanded answers about failed migrations, calling the situation “a scam” and accusing the team of repeated delays.
One user, Haifeng Chen, lashed out on X: “Give me back that damn Pi. I’ve worked hard for six years. You still haven’t mapped it. What’s the delay?”
Multiple Wallets, Zero Balance
According to several users and validators, despite clearing KYC and the mainnet checklist, their wallets still show no tokens. Some even report multiple wallet addresses being generated, adding to the confusion and raising doubts about the migration system’s reliability.
Leaders Demand Transparency
Notable community figure James Zito has joined the call for accountability. “I’m not being negative, but Pioneers deserve answers,” he said, urging the Core Team to resolve the issue before Pi Day 2 on June 28. Fellow member Dr. Altcoin echoed the sentiment, saying it’s time for the team to reward those who’ve stood by the project since day one.
Meanwhile, he also urged the investors to be cautious. He warned that scammers often pose as “helpers,” demanding half your Pi and eventually stealing the rest. He advised Pioneers to use only official Pi apps and to seek help only from the Core Team if their wallet is compromised, not from outsiders offering paid assistance.
Speculation is now turning to a potential Phase 2 migration update, expected to address KYC delays and fix balance discrepancies. For now, the Pi community waits, frustrated, but still hopeful.
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