After many warnings and extensions, the deadline for Pi Network token migration has passed, and users who did not complete KYC verification have lost a large amount of tokens. The price of this asset has since dropped by around 11%.

Some Pioneers reported that they were unaware of the deadline, while others reported technical difficulties during the verification process. One specific user reported losing 10,000 PI tokens.

Pi Network's migration deadline causes short-term chaos

March 14th is Pi Day, and Pi Network has prepared some major changes for its blockchain project. The token's price has seen a slight increase due to the excitement, and the developers have launched PiFest to celebrate progress and drive wider adoption.

Most importantly, today is the final deadline for Pi Network users to complete KYC verification and migrate to the mainnet.

"Final reminder: The grace period requiring both KYC and Mainnet migration to be completed before 8:00 AM UTC on 14/03/2025, to avoid losing the majority of your Pi outside of the 6-month rolling window Pi you've mined," the Pi developers announced on social media.

Essentially, the migration means that users will have to complete the KYC requirements or automatically lose a significant portion of their tokens. This does not necessarily apply to all holdings; for example, recent airdrop gains are usually safe.

However, the community has expressed concerns about technical difficulties leading to the loss of their assets, and this has started to happen.

Many Pi users have reacted to the migration deadline with confusion and outrage. Major fan accounts have shared screenshots of significant losses, particularly in cases of around 10,000 Pi tokens being lost.

Additionally, some users are reporting errors in the KYC system causing them to lose their gains or creating confusion. Some supportive voices on social media have even called Pi a scam.

Needless to say, these migration issues are negatively impacting the price of PI. The previous upward momentum has started to fade, but the mass token loss and community disruption have accelerated this process.

Due to the large number of tokens lost and the potential for them to be added to the supply, PI has dropped nearly 10% today.

Ultimately, it is uncertain whether these migration issues will have a lasting impact on Pi Network. The project team has extended the deadline and issued multiple warnings about token loss.

Furthermore, its fan community has overlooked allegations of fraud on a few occasions. The strong community support has been a driving force for Pi Network's development so far.