• Several Pi Network users reported tokens disappearing from their wallets.
• PI coin price extended its losses in Aug to over 19%, with user complaints potentially increasing losses.
• Pi Network developers motivate users to complete KYC and transfer holdings to the mainnet wallet, but security needs shoring up before launch.
Pi Network User Complaints
Several Pi Network users reported tokens disappearing from their wallets, with one user lamenting the loss of 600 PI coins. The platform’s founders warned users not to click on unknown links, as the exact reason behind the loss of the tokens remained unknown.
Price Action
Meanwhile, the PI coin price extended its losses in Aug to over 19%. A slew of user complaints could further increase the token’s losses. However, a positive reaction by Pi Network users saw PI coin prices spike 4.2% on Aug 8th. But it might face trouble due to resistance confluence near $23.5 and target 100-day EMA near $26.7 if it breaks out above this level sustainably.
KYC Solution
In an effort to motivate users to complete their KYC and migrate their holdings into mainnet walletPi Network founder Dr Nicolas Kokkalis published a blog touting a “community-sourced” KYC solution which he called a “human-powered verification” system for scalability and transparency reasons.
Delays in Open Mainnet Launch
Delays in launching open mainnet migration continues to be a headwind for the PI coin’s price action as well as security concerns around scammer vulnerability of mainnet wallet deterring people from making the move right now .
Conclusion
The recent announcement of open mainnet migration has had no effect on Pi Network native token price so far and mysterious disappearances of tokens have only added fuel to its fire resulting in more than 19% drop since August began . Security concerns must be addressed before successful implementation of KYC solution can happen and that would likely depend on how soon open mainnet launch happens .