Is Pi Coin a Scam? Why are users losing trust in Pi Network?

After delaying customer KYC deadline and subsequent mainnet launch for the umpteenth time, the Pi Core team is under fierce criticism from users and fans of Pi Network alike who are increasingly starting to believe that the project and Pi Coin might be a grand scam.

The deadline for both KYC (Know Your Customer ) and Mainnet migration has been extended by Pi Network’s core team on January 30. Now as per the new announcements, the deadline for Pi KYC verification is February 28, 2025. In order to move their earned coins onto the mainnet wallet for their own use, pioneers who have been participating since 2021 have been patiently and excitedly awaiting its introduction and the updating of KYC.

The Pi Core team has promised the mainnet launch in Q1 of 2025 however there is no exact date promised. The mainnet launch has been delayed since 2022, much to the frustration of fans. Now the extension in KYC has led to many users questioning Pi core team and whether the entire project is a mega scam orchestrated on the hopes and ambitions of users.

A Core Team that does not know the words 'We are SORRY!'

KYC began in 2021, and mass KYC followed in 2022. Yet, the deadline for KYC has been pushed back again and again—with one excuse after another—without a single apology or acknowledgment of broken promises.

Pioneers were… pic.twitter.com/hJCZlDsQh3
— Dr Picoin (@Dr_Picoin) January 31, 2025

Pioneers have now begun to doubt whether Pi is a reliable network to invest time in or just another fraud and scam as after the excruciating wait of more than three years. According to Pi core team, this extension serves to give Pioneers additional time to fulfill both Pi coin security requirements and verification operational steps.

The KYC and Mainnet migration deadlines for the Grace Period have been extended to February 28, 2025, ensuring Pioneers have additional time and opportunity to secure their Pi. Read the full announcement to learn more about the extension and importance of the Grace Period.…
— Pi Network (@PiCoreTeam) January 31, 2025

Pi Network explicitly stated that the KYC extension operates separately from Open Network preparations that continue on their original Q1 2025 timeline. The set launch timeline for the Open Network project remains unchanged regardless of the KYC deadline extension. The announcement states that all Pioneers who do not fulfill their KYC tasks and migration obligations by February 28 2025 will permanently lose their coin holdings.

It remains to be seen whether Pi core team will initiate mainnet launch in Q1 of 2025 given the extensions in just KYC deadline. With over 60 million users anxiously awaiting to avail their Pi Coin, the pressure mounts on the core team to deliver on their promises else fade into obscurity.