Someone lost all Pi, Pi price dropped more than 8% after closing KYC

Some people lost all their previously mined Pi due to failure to verify their accounts (KYC). Meanwhile, many people lost 20-50% of their Pi in their wallets due to the failure of their co-miners to conduct KYC.

As VietNamNet reported, 3:00 p.m. on March 14 is the deadline for Pi miners to verify their identity with the system, otherwise they will lose all the Pi they have mined.

Pinetworkloss — Pi price suddenly drops 8% after closing KYC. Screenshot

According to the records on Pi Network communities, some people lost all their Pi after not completing KYC. Notification of loss of Pi ownership was sent from the system.

Mr. HT, who had mined nearly 350 Pi, said he lost everything when he could not complete KYC at step 8 (this is the final step to see if the user is approved to complete KYC or not). The system canceled all the Pi he had mined in the past.

Sharing on a Pi Network forum, Mr. QH said that his friend in Indonesia lost all the Pi in both mining accounts, 868 Pi and 1518 Pi respectively. If the current Pi price is nearly 1.6 USD/Pi, this person has lost about 60 million VND.

In addition, many people also lost 20 - 50% of Pi; because other miners in the system did not complete or did not perform the required KYC steps.

Notably, some people were charged a fee by the system to change their name to match their documents to complete the KYC process. Mr. NT lost 20% of his Pi to change his information, and the system deducted it directly from his pink Pi (self-mined Pi) in his account.

For those who complete KYC, they also cannot sell immediately, but must wait for the system to approve passing step 9. This is the step that Pi miners call queuing to be approved for mainnet (bringing Pi from wallet to exchange for sale). The approved Pi is not all in the wallet, but will be unlocked in a certain amount based on the mining time.

Immediately after locking down the user verification process this afternoon, the price of Pi suddenly dropped by 8% and is currently trading at $1.58/Pi. According to an expert, the price drop is due to people who have completed KYC and sold the mainnet Pi to cryptocurrency exchanges, which is why the price has dropped.

In Vietnam, there are currently no regulations on cryptocurrency transactions. The State Bank has also repeatedly warned that owning, buying, selling, and using Bitcoin and other similar cryptocurrencies as an asset class poses many risks to people and is not protected by law.

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