Tensions are building among Pi Coin holders after reports emerged that OKX has frozen withdrawals of the token.
Without an explanation from either the exchange or the Pi Network team, speculation is running rampant about the reasons behind the move.
Some traders suggest that technical problems such as overloaded systems or verification delays could be to blame, but others are less convinced. The lack of communication has given rise to theories that OKX may be intentionally restricting withdrawals to prevent heavy selling and keep Pi’s price from sliding further.
This isn’t the first withdrawal hiccup Pi holders have faced on the platform. Earlier this year, OKX’s February listing of Pi was marred by a 24-hour suspension that left customers unable to move their tokens even after trading had begun. The exchange eventually confirmed the listing, calming tensions at the time, but trust remains fragile.
A Crucial Period for Pi Network
The timing of this latest issue is particularly sensitive. Pi Network is set to appear at the TOKEN2049 conference in Singapore on October 1, where it hopes to showcase its progress to a global audience.
The team is also preparing Version 23 of its application and a hackathon before the end of the year, initiatives designed to expand the ecosystem and keep developers engaged.
For now, however, price pressure persists. Pi trades at about $0.2685, slipping over 1% in the past day. Supporters hope that upcoming milestones will offset the negative sentiment caused by repeated withdrawal troubles.
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Source: https://coindoo.com/pi-network-news-okx-sparks-outrage-after-blocking-withdrawals/