Pi Network Migration Breakdown: KYC Errors, 2FA Fails & Wallet Balance Issues

As Pi Network’s mainnet migration approaches on June 28, 2025, users report numerous issues including KYC verification problems, 2FA email failures, and disappearing wallet balances. Many feel trapped despite following migration protocols, leading to growing dissatisfaction and skepticism about the network’s reliability amid a significant drop in Pi coin value. The situation has also attracted scammers taking advantage of user confusion, further complicating the migration process.

As Pi Network gears up for its next mainnet migration event on June 28, 2025, users are facing a myriad of issues that threaten to disrupt this long-awaited transition. The process, meant to shift Pi coins from their mobile app to the open Pi blockchain, has hit several roadblocks. Reports flooding platforms like Reddit and YouTube indicate that many users are encountering frustrating Know Your Customer (KYC) hurdles, two-factor authorization (2FA) glitches, and wallet balance discrepancies.

Originally, this transition was supposed to be a triumphant moment for Pi (PI) coin holders, marking the moment their virtual currency transitioned fully to the new network. But users describe the migration as a more of a frustrating labyrinth filled with technical errors. Wallets are reported stuck in a loop of ‘pending’ status, balances seem to evaporate, and some claim their Pi coins simply fail to appear despite completing all necessary steps.

In fact, for some, this migration process has devolved into a situation where they rigidly adhered to the migration checklist but were met with resets and unresponsive support from Pi Network. Interestingly, Pi operates on a fork of Stellar’s SCP and aims to improve to a standalone proof-of-stake model once all decentralized nodes are online.

Launched back in 2019, Pi Network allowed users to mine crypto easily via a smartphone app. Millions have collected Pi tokens with minimal energy consumption over the years. Following extensive testnet trials, the mainnet launched in early 2025, with an ambition to position itself as a mobile-first, user-friendly DeFi platform. A pivotal upgrade called the Horizon Upgrade in May 2025 was introduced, bringing validator-based consensus and integrating over 100 decentralized applications.

To transition their tokens to the mainnet, users must navigate a five-step checklist that includes passing KYC verification, creating a non-custodial wallet, and enabling two-factor authentication. New tokens come with a 14-day freeze to stabilize the network. However, as the checklist is finalized, technical difficulties threaten to halt progress.

KYC verification has emerged as a key barrier in the migration saga. Many users, having completed KYC months ago, find themselves stuck, unable to transfer their tokens due to unexplained status issues. Reports of “tentative approval” statuses block users from moving forward, leaving them feeling frustrated and helpless. Despite many users reporting that they’ve already navigated the KYC process, they now languish in technical limbo, awaiting a solution.

The recent rollout of 2FA has also been problematic. Intended as an added layer of security, users often do not receive necessary email confirmations, or the links are faulty. Some say that even completing the 2FA step resets their entire migration, forcing them back to square one. The lack of clear communication from Pi’s Core Team regarding these issues only heightens user frustration, as they hint at phased rollouts without a tangible timeline or support.

Even users who seem to have completed all necessary steps are finding their wallets displayed at zero balances post-migration. Many express disbelief as previously unlocked tokens seem to vanish into thin air moments after being seen. Speculation around these glitches ranges from backend failures to synchronization issues, and concerns are mounting regarding the network’s stability, especially with the Pi coin’s value fluctuating significantly in recent weeks.

The timing of these balance errors raises an alarm — the coin’s price dropped around 78% from its early-year peak as liquidity and wallet issues become a topic of concern. Additionally, scams are creeping in, as confused users are being targeted by fraudsters posing as support agents. Phishing links and fake reset services are just adding further chaos to an already troubling scenario.

As the Pi Core Team starts to issue updates across various channels, they acknowledge the existing challenges with KYC, 2FA, and wallet syncing. They suggest users verify their migration steps again, clear app caches, and update to the latest app version. A particular notice directed at Chinese users — who reportedly face a higher incidence of stuck migrations — asked users to engage with compliance videos during login, which seemed to clear up some issues.

The clock is ticking down to the June 28 deadline, and while hope still persists among the user community for a successful migration, a lot hinges on Pi Network addressing and fixing these core problems. If they fail to do so, it’s likely many users could exit the ecosystem altogether — just cashing out once their tokens unlock and potentially escalating the already rampant skepticism. The authority and credibility of the Pi Network are at stake, and the burden lies heavily on the Core Team to navigate these growing challenges and restore user trust, before it becomes too late.

In conclusion, the Pi Network migration faces significant challenges, with users grappling with KYC verification blockages, troublesome 2FA processes, and wallet issues that leave many balances showing as zero. As the June 28 deadline approaches, the Core Team must address these issues swiftly to maintain user trust and facilitate a successful migration. Otherwise, user exit rates could rise, leading to a broader crisis of credibility for the network and its promised cryptocurrency functionalities.

Original Source: cointelegraph.com