Pi Network (PI) News Today: February 3

Here you will find the latest and most important news related to the Pi Network ecosystem.

In the meantime, the project team and community members recently announced several important updates and alerts. In the following sections we will focus on the most important ones.

Unblock millions of users

Pi Network has been criticized in recent months for several reasons, including its complex and controversial know-your-customer (KYC) procedures. Numerous users (known as Pioneers) have reported that they are unable to complete the required verification process and migrate to the Mainnet.

Earlier this week, the core team revealed that nearly 2.5 million people in certain regions will be unblocked by a new tech update, assuming they have passed the Mainnet checklist and are active in mining.

“Soon, more than 700,000 additional accounts will also be able to submit KYC requests! These updates will allow more people to join the Mainnet ecosystem. Pi has reached a total of 16 million Mainnet migrated Pioneers, distinguishing Pi as a massive identity-verified blockchain. Complete your KYC and Mainnet checklist steps as needed to ensure your account is prepared for the next steps,” the announcement reads.

The team further explained that the unblocking is done in batches as different Pioneer groups are facing different issues. Each group requires a specific technical solution and once implemented, the users involved will be unblocked.

The latest scam alert

Recently a community member used the X-handle PiNetwork DEX warned Pioneers must remain vigilant against a possible fraudulent scheme. According to the alert, an impersonation scam is targeting Pi Network users, specifically those who are Mainnet Checklist identity holders.

“Pi Network’s core team will never email you about wallet migration, nor will they ask for your passphrase. Like, share and alert more people,” the message reads.

Pi Price Outlook

Pi Network’s native token has suffered a sharp decline in recent months and its condition has only worsened in recent days. Recently, the price fell to a new low of $0.15, while it is currently around $0.16, representing a decline of 7% on a weekly scale.

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Given the upcoming token unlocks, another decline could happen in the near term. Data shows that over PI215 million will be released in the next 30 days, giving investors a chance to get rid of the holdings they have been waiting for. The average daily unlock is almost 7.2 million tokens, while the record day is February 13, when 23 million coins are released.

Obviously this isn’t guaranteed, but the “bullish unlocks” meme exists for a reason, and that reason is that unlocks are almost never bullish.