Pi Network Users Sell Accounts Amid 3-Year Lockup Frustration

Pi Network users, known as Pioneers, are increasingly opting to sell their entire accounts due to the prolonged lockup periods that restrict access to their Pi coins (PI). This trend has emerged as a response to the frustration caused by the inability to trade or access their coins, which are locked for extended periods.

The pi network, launched as a blockchain-based cryptocurrency accessible via a mobile app, promised a decentralized mining experience without the need for specialized hardware. However, its lockup mechanism, designed to stabilize supply and reduce inflation, has proven to be a significant drawback. Out of the total 11.5 million accounts on the Pi Network, 1.1 million Pioneers have locked their PI for six months, 1.6 million for a year, and a majority of 7.2 million accounts (62.6%) have locked their coins for three years. This means these coins won’t become tradable until late 2027 to early 2028.

This prolonged lockup has led to a surge in account sales, with users advertising their locked balances for immediate sale on various platforms. A user on X (formerly Twitter) posted, “A friend has 2,136 Pi for sale. The Pi is locked until 2027. If you buy, you will receive the passphrase, which grants full access to the wallet.” This practice, however, raises significant risks. Sharing passphrases with buyers creates a scenario where at least two people know the critical access key to an account, increasing the likelihood of theft or fraud. Additionally, buyers are vulnerable to scams, as dishonest sellers could potentially offer fake accounts or invalid passphrases. Legal concerns also arise, as this practice may violate Pi Network’s terms of service, risking permanent bans or forfeiture of coins for both parties.

Besides the lockup struggles, Pi Network has faced significant criticism as users have been unable to migrate their tokens to the mainnet. Many Pioneers have reported unresolved technical issues preventing balance transfers, sparking calls for extending the March 14 migration deadline. This situation has further exacerbated the frustration among users, leading to a bearish sentiment dominating the market.

In summary, the prolonged lockup periods on the Pi Network have led to a rising trend of account sales among Pioneers. This shift is driven by the inability to access or trade their coins, as