Pi Coin has experienced a 4% drop in the last 24 hours, currently sitting just above $0.60. Despite a brief surge to $1.70 in May due to excitement over a Pi Network announcement, the rally quickly faded. Since then, Pi has retraced most of its gains as traders shift from excitement to caution.
Many users who completed KYC and migration steps are reporting zero balances in their wallets, leading to backlash against the Pi Network Core Team. In response to the growing frustration, Pi Network has released safety tips for users.
The Pi Core Team issued a wallet security advisory, urging users to protect their seed phrases. However, this move sparked outrage among users demanding answers for failed migrations, labeling the situation as a scam.
Concerns have been raised about multiple wallet addresses being generated and the reliability of the migration system. Community leaders like James Zito are demanding transparency from the Core Team, calling for accountability before Pi Day 2 on June 28.
Dr. Altcoin warned users to be cautious of scammers posing as helpers and advised using only official Pi apps. There are speculations about a Phase 2 migration update to address KYC delays and balance discrepancies.
The Pi community remains hopeful but frustrated as they await further updates.
