Unable to complete KYC verification in time, Pi users are in a precarious situation, fearing they might lose everything.

Earlier, the Pi Network announced that before 3 PM today, all participants in Pi mining must verify their identity. Any Pi that is not verified in time will be deleted, meaning the player will lose everything.

However, even though the 3 PM deadline has passed as announced, many people report that their unverified gold Pi tokens have not yet disappeared from their accounts. Many believe this is due to different time zones in each country, meaning that in Vietnam, the gold Pi tokens have not yet reached the withdrawal deadline.

"My gold Pi hasn't disappeared, but the timer has switched from a countdown to a negative number. I don't understand, could the Pi I haven't verified yet be lost?" , commented user Nguyen Phuong.

On the OKX exchange, the price of Pi has been continuously falling this afternoon, and as of 4 PM, Pi is trading at 1.5 USDT/Pi.

The price of Pi on the OKX exchange continued to plummet on the afternoon of March 14th. (Photo: Facebook)

Previously, many people also shared posts about encountering difficulties in verifying their identity as the KYC deadline approached.

"The verification deadline is approaching, and I still have 361 Pi that I haven't been able to complete KYC. There's nothing more disheartening than watching time slip away and seeing the amount of Pi I've accumulated disappear," shared user Thai Phong.

Many people are also worried because even after completing all the verification steps, their Pi coins have not yet been transferred to their wallet or confirmed secure.

"Over 600 of my pink Pi coins, which were supposed to be verified and transferred to my wallet, were suddenly converted into gold Pi coins. Upon investigation, I discovered that these were coins I earned from inviting others to participate. To verify, the invited individuals also need to verify their accounts before they can be transferred to my wallet. At this point, I have to accept the loss," wrote user Tiến Dũng.

Many people are sharing stories about facing the risk of losing all their accumulated Pi points because they didn't complete KYC verification in time. (Screenshot)

According to Pi Network regulations, there are three types of Pi with different colors: pink Pi, purple Pi, and yellow Pi. Purple Pi represents Pi that has been migrated to the mainnet (and can be sold on exchanges), pink Pi represents Pi awaiting mainnet migration, and yellow Pi represents Pi that miners receive from other miners in the system when they use invitation codes provided by those miners.

Currently, some Pi users report having successfully completed KYC verification, but for some unknown reason, a large number of their pink Pi tokens have suddenly been converted back to gold Pi tokens.

Previously, commenting on the "craze" for Pi Network cryptocurrency, Mr. Nguyen Anh Dung, a personal finance planning expert at FIDT Investment Consulting and Asset Management Joint Stock Company, stated that this type of cryptocurrency has no intrinsic value as it is completely free to mine and managed by a behind-the-scenes management team.

Investing in cryptocurrencies is like speculation; people pour money in, hoping that one day the price will rise so they can sell for a profit. However, almost no one can answer what factors cause the value of cryptocurrencies to increase.

Mr. Dung analyzed that, unlike other types of financial investment where investors can use market data to predict price fluctuations, with cryptocurrencies, almost no country in the world recognizes them. Therefore, investing in this model carries the risk of illiquidity.

From the perspective of a personal finance expert, Mr. Dung aims to keep investors' finances safe; therefore, he advises "Pi users" to carefully consider their investments. They should monitor market fluctuations, especially as Pi is experiencing a sharp price drop.

According to Mr. Dung, in reality, investors are only buying Pi on the OKX exchange through pre-orders, and they cannot even sell the Pi they own; they can only buy more. Therefore, investors need to consider carefully if they intend to invest in "holding Pi" when they see the price falling.

"Previously, investors could earn free Pi using their smartphones. After many years, a significant amount of this cryptocurrency accumulated, so when it was listed on exchanges, a rush to sell off holdings occurred. In reality, there have been no recorded cases of people successfully selling Pi on exchanges. Therefore, many people turn to black market channels to make a profit. This might be profitable in the short term for those selling off their holdings. However, for investors intending to invest and hoard the cryptocurrency, there are many risks involved," Mr. Dung said.

Meanwhile, from a legal perspective, many lawyers say that, according to current regulations, Pi Network cryptocurrency is not a legal means of payment. Current laws also do not recognize cryptocurrencies in general, and Pi Network in particular, as assets. Therefore, the risk associated with this cryptocurrency is very high.

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