The Pi Network is facing growing criticism from its community after numerous users reported missing tokens in their wallets, despite successfully completing Know Your Customer (KYC) verification and migration procedures. The controversy has sent shockwaves through the once-enthusiastic Pi ecosystem, fueling concerns about transparency and trust in the project’s core team.

Over the last 24 hours, the price of Pi Coin has dropped by around 4%, now trading slightly above the $0.60 mark. This decline follows a brief rally in mid-May when the token spiked to $1.70 amid rumors of a major Pi Network declaration. However, that momentum was short-lived, and the token has since retraced nearly all of its gains, reflecting a notable shift in market sentiment from optimism to growing skepticism.

Missing Tokens Despite Full KYC Completion

Thousands of users, many of whom have been involved with the Pi Network for years, have expressed their frustration on social media platforms and community forums. The common thread among these complaints is that despite completing KYC and meeting the requirements for mainnet migration, their wallets still show zero Pi balance.

Some users have even reported the appearance of multiple wallet addresses under a single account, adding to the confusion and fueling doubts about the security and reliability of the platform’s migration and wallet systems.

Community Demands Transparency and Accountability

The outrage intensified when the Pi Core Team issued a wallet security advisory, urging users to protect their seed phrases. Instead of calming the situation, the statement only made matters worse. Many community members saw it as a distraction from the real issue—missing tokens and failed migrations.

One user, Haifeng Chen, voiced his anger publicly on X (formerly Twitter), writing: “Give me back that damn Pi. I’ve worked hard for six years. You still haven’t mapped it. What’s the delay?”

These concerns are echoed by other prominent community figures. James Zito, a long-time supporter of the project, urged the team to address the matter before Pi Day 2, scheduled for June 28. “I’m not being negative, but Pioneers deserve answers,” he said, referring to the community members who have supported the project from its early days.

Dr. Altcoin, another active member in the Pi space, also stressed the need for transparency and security. While showing empathy for affected users, he warned against relying on unofficial support channels. “Scammers often pose as helpers, asking for half your Pi only to steal the rest,” he cautioned. “Only use official Pi apps and contact the Core Team directly if your wallet is compromised.”

A Long Road with Delayed Promises

The Pi Network has long positioned itself as a people-first project aiming to create a decentralized digital currency accessible to all. Since its inception, it has attracted millions of users, known as “Pioneers,” with the promise of accessible mobile mining and eventual utility for the Pi token. However, delays in introducing the open mainnet, issues with KYC verification, and now missing token reports are testing the community’s patience.

While the Core Team has yet to release a formal response to the backlash, speculation is growing around a potential Phase 2 migration update. This phase is expected to address ongoing KYC bottlenecks and wallet synchronization issues. Until then, many users are left in the dark, unsure whether their hard-earned tokens will ever appear in their wallets.

What’s Next for Pi Coin?

The ongoing controversy appears to be weighing heavily on Pi Coin’s price. After hitting a local high of $1.70 in May, the token has gradually declined and now trades just over $0.60. While the long-term vision of the project remains intact, short-term sentiment is clearly under pressure.

Investors are advised to remain cautious, especially in light of the technical inconsistencies and the lack of a clear communication roadmap from the team. The upcoming Pi Day 2 on June 28 is being viewed as a potential make-or-break moment for the project’s credibility.

Until the Core Team directly addresses the mounting concerns, including missing balances and stalled migrations, confidence in the project may continue to waver. For now, the Pi community watches and waits—frustrated, anxious, but still holding onto hope that the network will deliver on its promises.