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Pi Network Introduces 2 Key Updates to Improve KYC Process

TL;DR Pi Network now allows users to appeal name mismatches and enables minor phone number corrections to assist users in passing KYC verifications. Despite the constant delays and deadline extensions, the project surpassed 100M downloads, with South Korea, India, and other Asian countries emerging as strong community bases. Solutions for Struggling Users The controversial cryptocurrency project Pi Network has been around for almost six years, but the community is still awaiting the launch of its native token or open mainnet. The team has previously claimed that major milestones will occur once 15 million users pass necessary Know-Your-Customer (KYC) verifications and migrate to the mainnet. The process deadline, known as the Grace Period, was set for January 31 but was recently moved to February 28. One reason behind the constant extensions could be the issues that some users experience when trying to abide by the rules. Pi Network issued key guidance to those struggling with the procedures in the past few months. Last year, for instance, it urged those to join a dedicated Telegram chat “where there will be mods to answer your questions.” The team recently introduced two additional updates “that may help unblock your KYC application if you take action.” The developers said users whose Pi account name and KYC name do not match would normally have their applications rejected due to their failure to prove their ownership of the account through KYC verification. However, there is a solution to this problem. Pi Network revealed that those users should appeal for a chance to resubmit their application with corrected details or update their Pi account name to their KYC’s name with a penalty of forfeiting part of their Mobile Balance. “Eligible Pioneers include those whose KYC applications were rejected due to name mismatches. However, Pioneers are eligible only if they have appealed exactly one time due to this rejection reason, and that single appeal was denied ,” the team added . Additionally, Pi Network said it’s able to help users who have made small typos when adding their phone numbers to their Pi account. It enabled people to edit up to two digits of their account phone number. “Allowing only up to two digits to change is to make sure the phone number change will not be exploited by policy violators such as account transfers and sales or hackers taking over someone’s account,” the announcement reads. The Popularity Goes up Despite the controversy surrounding Pi Network and the frustration across its community, the project keeps increasing its popularity worldwide. As CryptoPotato reported , the project’s application surpassed the major milestone of 100 million downloads in December last year. Pi Network is particularly well-known in Asia, with South Korea, Vietnam, India, China, Singapore, and others turning into strongholds. Not long ago, Wu Blockchain revealed that the number of Pi Network users in South Korea had crossed 1.3 million, exceeding the local client base of leading crypto exchanges like Binance and Coinbase. Last week, Pi News posted photos from a Megha Event in India, during which local supporters gathered to discuss the project. Pi Network has over 3.6 million followers on X. In comparison, Ripple – the entity behind the cryptocurrency XRP – is trailing behind with 3 million subscribers. The post Pi Network Introduces 2 Key Updates to Improve KYC Process appeared first on CryptoPotato . CoinOtag

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Massive Ethereum Whale Scoops $126 Million ETH, Will Buying Momentum Spike?

Ethereum price continues its rocky patch alongside the wider digital asset market. This phase has seen huge whale offloads, lowering institutional demand in the altcoin for the second consecutive week. At press time, ETH price trades at $2,828, a sharp 12% upsurge in the last 24 hours. Amid plunging numbers, whales have recorded large buys repositioning assets ahead of the next bull run. Whale Buys Huge ETH Holdings In the last 24 hours, several large holders have moved the asset off exchanges to other custodians while others recorded outright buys. Crypto analytics firm, Lookonchain wrote on X that a wallet belonging to “7 Siblings” acquired 5,382 ETH worth approximately $14.5 million. Previously, the whale picked up 45,047 ETH, spending $111 million after the price crashed below $2,500. Overall, the whale acquired $126 million worth of Ethereum, “buying the dip” while retail holders exited the market. This strategy is effective with large holders as they shape general sentiments and usually purchase in dips, anticipating cycle peaks. Lookonchain said 7 Siblings purchased a large amount in August after the price plummeted. The recent acquisition was met with soaring optimism from the community after days in the doldrums. Although the asset continues in the red zone, hourly trading shows signs of a slight jump as accumulation picks up. CryptoQuant researchers expect short-term accumulations signaling slight upticks. “ All players in the accumulation zone have been liquidated. We can see that players have been sidelined due to the decline in the open interest indicator. If we can break above the market breakdown zone, it will be positive. Funding rates were declining but have now started to rise. I believe that those expecting an upward move will be manipulated one last time…” they added. Can Institutional Traders Spark A Price Jump? Recent inflows can help swing Ethereum’s price despite low sentiments from holders and traditional players. Last year, wealth managers tipped the ETH to record the highest growth because of its staking feature and upcoming spot ETFs. However, spot Ethereum ETFs fell below par compared to Bitcoin products , which attracted large numbers. Several analysts opine that institutional holders can mark a turning point with Donald Trump’s inauguration . The altcoin remains in a good position to lead a possible altcoin season as bulls flag a $5K mark. Among reasons for the expected inflow to affect its price is the growing adoption of decentralized finance (DeFi) protocols. CoinOtag