Pi Network Users Selling Accounts Amid Lockup Frustrations

The Pi Network, a popular blockchain-based cryptocurrency platform for Pioneers, is witnessing a new trend as users are choosing to sell their accounts to bypass the extended lockup periods that prevent them from accessing or trading their Pi coins (PI).

Initially lauded for offering a decentralized mining experience through a mobile app, the Pi Network's lockup mechanism aimed to stabilize supply and combat inflation. However, it has spawned unintended consequences. Currently, out of the 11.5 million total accounts on the Pi Network, a significant number of users have locked up their Pi for extended periods. This includes 1.1 million accounts for 6 months, 1.6 million for a year, and a substantial 7.2 million accounts (62.6%) for three years, meaning these coins won't be tradable until late 2027 to early 2028.

The frustrations among Pioneers are palpable as many regret locking up their Pi for multiple years and seek ways to circumvent the restrictions. Some users have resorted to selling their accounts, passphrases included, on various platforms to gain immediate access to their locked funds. A search for "sell locked Pi" yields numerous eager sellers advertising their locked balances for quick transactions, with some offering detailed information on the locked coins and access methods.

However, this practice carries inherent risks. By sharing passphrases with potential buyers, users compromise the security of their accounts, potentially leading to fraud or theft. Moreover, the lack of oversight and regulation exposes buyers to possible scams, such as fake accounts or invalid passphrases from dishonest sellers. Engaging in these transactions also runs the risk of violating Pi Network's terms of service, prompting penalties like permanent bans or forfeiture of assets for both parties involved.

Beyond the lockup woes, Pi Network faces mounting criticism for technical glitches hindering users from migrating their tokens to the mainnet. Many Pioneers have voiced concerns over unresolved issues impacting the transfer of balances, prompting calls to extend the migration deadline set for March 14.

Amid these challenges, the Pi Coin market has experienced a downturn, with a 22.2% decrease in its value over the past week. Reports suggest a bearish sentiment prevailing as investors withdraw funds from the Pi Network, with Pi Coin currently trading at $1.3, reflecting a 0.7% decline in the last 24 hours.