Crypto World
Pi Network KYC and wallet fixes target over 900,000 users
Pi Network has cleared a KYC barrier for more than 417,000 users and prepared a wallet fix for another 497,000 accounts that could not claim migrated PI balances.
Summary
- More than 417,000 users can resume KYC after Pi removed possible duplicate-account flags.
- Around 497,000 Fast-Track wallets could not claim PI because they lacked gas funds.
- Yoti and Indonesian KIA applicants have received new options to resubmit their identity documents.
- Protocol V27 has moved to Testnet 2 after handling about 250 transactions per block.
Pi Network has reopened KYC for 417,000 users
Pi Core Team said in an update that it refined the checks applied to accounts previously flagged as possible duplicates, allowing more than 417,000 Pioneers identified as separate users to continue the Know Your Customer process.
Removing the duplicate-account flag does not mean each affected user has passed KYC. Applicants must still complete any remaining identity checks and satisfy the other conditions listed in the Mainnet Checklist before Pi can move their transferable balances to the live network.
The update addresses one part of a long-running migration problem. A Sep. 9 report on Pi’s Mainnet migration gap found that about 16.6 million of the network’s claimed 60 million engaged Pioneers had completed migration. That represented a conversion rate of 27.6% at the time, with KYC approval, wallet setup, and user confirmation among the required steps.
Using those figures as context, the 417,000 newly eligible applicants represent roughly 2.5% of the previously reported migrated-user count. Their access to Mainnet will still depend on whether they complete all outstanding checks and migration steps.
Pi also reviewed applications from people who completed identity verification through Yoti, a third-party identity service used during an earlier stage of the network’s KYC program. Some of the old applications lacked the liveness information now required by Pi, leaving users unable to progress.
Following the review, affected Yoti applicants can submit a new application through Pi’s native KYC system. Users should check the KYC app for a resubmission option rather than assuming an earlier Yoti approval automatically meets the current requirements.
Indonesian applicants rejected after uploading a KIA, or child identity card, have received a similar route forward. Pi said they can resubmit their details with another accepted identification document.
A gas-fee fix will cover 497,000 Fast-Track wallets
Separate from the KYC cases, approximately 497,000 users received Mainnet wallets through Pi’s Fast-Track migration process but could not claim their migrated tokens.
Pi attributed the failures to a lack of PI in the newly allocated wallets. Although the users had balances waiting to be claimed, their wallets did not contain enough available PI to cover the network gas fee needed to complete the transaction.
The Core Team plans to deploy a technical fix within one week of the announcement. According to the project, the change will restore access for the affected accounts and prevent the same gas-fee problem from blocking future Fast-Track migrations.
Users whose claims previously failed for insufficient gas can also try the claim process again. Pi advised Pioneers to open the wallet or migration interface and check whether their balance is now available rather than creating another wallet or repeating unrelated KYC steps.
KYC approval and balance migration serve different functions within Pi’s system. Identity verification confirms that an account belongs to an eligible person, while migration transfers the user’s approved balance from the mobile application’s internal records to a Mainnet wallet. A user can therefore pass KYC but still face a separate wallet, checklist, or transaction problem.
Earlier reporting on Pi’s first Open Mainnet year identified migration delays as one of the network’s unresolved operating issues after the firewall opened in February 2025. The report also noted that PI reached a post-listing peak of $2.99 before falling toward $0.15 by May 2026.
For users in the United States, the latest update changes access only for accounts affected by Pi’s internal KYC and wallet processes. The announcement did not describe a separate procedure for U.S. Pioneers or announce a change to PI’s availability through American trading platforms.
Pi Network has expanded its identity-check tools
Alongside the account reviews, Pi has added support for liveness checks on older mobile devices. Liveness tests generally require an applicant to use a device camera to show that a real person is completing the verification, rather than relying only on an uploaded image.
Supporting older hardware could help users whose phones could not run the earlier version of the check. The Core Team asked applicants to complete a liveness test whenever the KYC app displays the request, as leaving the step unfinished can keep an application pending.
Pi has also started a pilot program for palm-print authentication. The project has not yet provided full public details on the pilot’s size, eligible regions, or whether palm verification could eventually replace any existing KYC step.
The network has already used a large validator pool to process identity applications. The Sep. 9 report said 1,094,680 human validators had completed more than 526 million verification tasks, although the total number of tasks does not represent the same number of approved users.
As crypto.news previously reported, Pi said in May that more than 18.1 million users had passed its native KYC checks and over 16.7 million Pioneers had migrated to Mainnet. The new duplicate-account review does not add 417,000 completed migrations to either total because each person must finish the remaining verification and checklist requirements first.
Protocol V27 testing has reached Testnet 2
While Pi works through the account issues, the network has advanced Protocol V27 testing from Testnet 1 to Testnet 2.
A September Protocol 27 report said deployment on Testnet 1 began on Aug. 21 after Pi completed Protocol 26. The earlier update linked Protocol V27 to smart-contract authentication, RPC infrastructure, and automated market maker liquidity pools.
Protocol 26 had required approximately 421,000 node operators to update their software by Aug. 11 or lose Mainnet connectivity. Pi described V27 as the final planned upgrade in its current development sequence, though later software patches and maintenance updates could still follow.
The earlier roadmap targeted Sep. 15 for a Mainnet deployment after testing across two test networks. Pi’s latest information instead shows V27 running on Testnet 2, indicating that the testing stage has continued beyond that previously reported target.
During the specified Testnet 2 period, Pi said the network processed about 250 transactions per block without a reported failure.
Crypto World
Arch Lending Eyes Tokenized Stocks as Loan Collateral
Crypto lender Arch Lending plans to expand into loans backed by tokenized equities as the market for onchain stocks expands and lenders begin exploring new uses for the assets as collateral.
Arch co-founder and chief revenue officer Himanshu Sahay told Cointelegraph’s Chain Reaction podcast that the lender plans to enter the market “pretty soon,” pointing to a need for credit against tokenized stocks.
Sahay said tokenized equities have grown rapidly over the past year, but lending against the assets remains limited, and predicted that more lenders will enter the market.
He pointed to tokenized equities issued by firms including Superstate, Robinhood and Securitize, predicting that multiple lenders will eventually participate in the market to provide credit against the assets.

Source: Cointelegraph
Arch has already expanded beyond cryptocurrencies into tokenized real-world assets, launching loans backed by Paxos Gold and Tether Gold in recent weeks, according to Sahay.
But crypto still dominates Arch’s existing loan book, with Bitcoin (BTC) accounting for more than 80%, Sahay said. He added that the lender has recently seen growing interest in XRP as collateral, particularly among US borrowers.
Related: Kraken brings DeFi yield to tokenized stocks and ETFs
Tokenized stocks enter lending markets
Arch would not be the first lender to enter the tokenized equity credit market, with tokenized stocks and exchange-traded funds (ETFs) already entering lending and collateral products.
In February, Ondo Finance launched DeFi lending markets for two of its tokenized ETFs through an integration with lending protocol Morpho. Ondo’s tokenized versions of the SPDR S&P 500 ETF and Invesco QQQ can be used as collateral for borrowing on Ethereum.
Tokenized stocks are also beginning to find uses beyond dedicated lending markets. Kraken made 10 xStocks eligible to back futures and margin positions in July, while Coinbase’s B20 stocks launched on Base in August with price-feed infrastructure designed to support uses including DeFi borrowing and lending.

Tokenized equities. Source: RWA.xyz
The growth in lending use cases comes as the tokenized equities market itself has expanded sharply. Distributed tokenized stock value has climbed to about $3.15 billion from roughly $630 million a year ago, according to RWA.xyz data.
Magazine: Kyle Samani predicts SOL flippening, claims ‘no one’ uses ETH
Crypto World
Keyur Govande Is one of TIME’s 2026 Executives of the Year: Tech and Data
Depop is known as an online marketplace for secondhand clothes—but for the Gen-Z fashionistas who congregate there, it’s also a community. With more than 56 million registered users and over 68 million items for sale, it’s a big community, to be sure. But user quality is just as important as user quantity, argues chief technology officer Keyur Govande.
Given that dual users tend to be more active and engaged community members, Govande, who joined the company in May 2025 after more than 14 years at Etsy, is focused on building tools that help buyers become sellers and vice versa. “It’s the two-sided nature of our marketplace that makes us really special,” he explains, citing as a prime example the company’s listing flow, which saves time and effort by using AI to automatically generate listing titles and descriptions based on merchandise photos.
To reduce user friction even further going forward, Govande plans to leverage Depop’s new relationship with eBay, which acquired the company in July. “The ways eBay can support us with its deep expertise in things like shipping and payments is something we’re really looking forward to,” he says.
Crypto World
Introducing TIME Executives of the Year: Tech and Data

At a moment when emerging technologies are driving both the global economy and the news cycle, business leaders must not only keep up with an industry moving at a breakneck pace—they must look around the corner at what’s next. That’s why TIME is publishing its first-ever Executives of the Year: Tech & Data list, recognizing 50 leaders shaping the future of technology, artificial intelligence, cybersecurity, and digital innovation across industries.
See the full 2026 list here.
Among them are Bartley Richardson, CrowdStrike’s chief AI and autonomous systems officer, who is heading up a new AI research lab dedicated to building autonomous cybersecurity systems, and Reddit chief technology officer (CTO) Amit Puntambekar, who is shepherding AI adoption at one of the internet’s largest repositories of human conversation. At pharmaceutical giant Eli Lilly & Co., Diogo Rau oversaw the effort to build a supercomputer called LillyPod, which models biological processes and screens potential molecules before promising candidates enter wet lab experiments. Meanwhile, at OpenAI, Vijaye Raji, CTO of applications, is in charge of key technical teams—such as data, experimentation, and growth—that help power the ubiquitous ChatGPT, as well as the coding tool Codex.
To create the list, our editors and reporters across the newsroom evaluated the scale of each leader’s responsibilities, the significance of the investments and initiatives they oversee, and their demonstrated impact on how their organization operates, competes, and grows. What came together was a group of executives tasked with modernizing legacy systems and digital infrastructure. Those leaders include Monica Caldas, Liberty Mutual’s global chief information officer, who is rewiring the century-old insurance company for what she calls “the intelligence era,” and Ogi Redzic, who joined Caterpillar Inc. as SVP and chief digital officer in 2018 and has helped the equipment manufacturer rebuild itself around data to address customers’ labor and safety issues.
The list also highlights the creation of new or expanded roles designed to meet the fast-evolving moment. There’s Kathleen Grace, named Lionsgate’s first-ever chief AI officer in February and the first Hollywood studio executive to hold that particular title, as well as Delta’s Amala Duggirala, who joined the airline in January as EVP and chief digital and technology officer—a brand-new role overseeing its recently combined digital and technology organizations, encompassing both the enterprise technology that powers its global operations and the digital tools it creates for customers and employees alike.
Beyond the U.S., tech executives across Asia, Africa, and Europe are driving innovation. At Singapore-based Grab, CTO Suthen Thomas Paradatheth has helped the company transition from a ride-sharing platform to a superapp that processes millions of transactions a day across Southeast Asia. Felix Ike, co-founder and CTO of the Nigerian fintech company Moniepoint, has helped to establish the business as one of Africa’s leading financial platforms. At Paris-based Back Market, a global online marketplace for refurbished electronics, CTO Dawn Baker is applying an environmental mission to the company’s use of computing power. “We have to make sure we’re not using more than we need,” she says. “It’s about using AI smartly and not falling for the hype.”
These leaders and their fellow honorees are the catalysts of some of the most consequential transformations taking place across modern enterprise—translating innovation into meaning.
Crypto World
Executives of the Year: Matt Madrigal

Crypto World
Tom Lee and iTrustCapital CEO Say the Worst Is Over: Can Bitcoin Hold $86,000?
Bitcoin (BTC) traded at $86,423 on Tuesday, up from below $76,000 a week ago. Tom Lee and iTrustCapital’s CEO, Kevin Maloney, say the worst is now behind investors.
Both men made their case after a US interest rate hike and a failed crypto bill, the CLARITY Act. Neither event stopped the pioneer crypto’s rebound.
iTrustCapital CEO Says the Crypto Winter Is Over
Maloney runs iTrustCapital, a platform for crypto and stock investing in retirement accounts. In an interview with Paul Barron, he said the long crypto slump, often called the “crypto winter,” had ended.
His firm was holding about $350 million in idle client cash, Maloney said. He added that “significant portions” were now being invested again.
“Bitcoin doesn’t need Clarity Act,” Maloney said in the interview.
Maloney also named a level to watch. A weekly close above $85,000, he said, would leave Bitcoin in a good position.
Tom Lee Says the Fed Cannot Get More Hawkish
Elsewhere, Fundstrat Capital chief investment officer Tom Lee sees the rate hike as a peak, not the start of a squeeze. He has made that call repeatedly this month.
In his weekly update, Lee pointed to a change in how the government measures inflation, due September 30. He said economists expect it to cut the Personal Consumption Expenditures (PCE) inflation rate, the Fed’s preferred gauge, from 3.4% to near 3%.
“They can’t get any more hawkish than this,” Tom Lee stated.
Lee added that even one more 0.25-point hike would not break the economy or the stock market.
Their Remarks Come After Two Setbacks in One Week
On September 15, the CLARITY Act failed a Senate procedural vote 50-49, short of the 60 needed. The bill would have set out which US regulator oversees digital assets.
A day later, the Federal Reserve raised its benchmark rate by 0.25 percentage points to a 3.75% to 4% range. It was the first increase since 2023. Bitcoin slipped below $76,000 after the vote. It has since recovered.
Fed Projections and ETF Outflows Point the Other Way
Not every signal agrees. Sixteen of 18 Fed officials expect another hike this year, according to the central bank’s projections.
Investors also pulled $450 million from Bitcoin exchange-traded funds (ETFs) on September 15, according to ETF fund flow figures.
Bitcoin sits 0.6% higher on the day, BeInCrypto price data shows. The next test arrives September 30, when the revised inflation figures land.
The post Tom Lee and iTrustCapital CEO Say the Worst Is Over: Can Bitcoin Hold $86,000? appeared first on BeInCrypto.
Crypto World
Democrats ‘chose visceral hatred for’ Donald Trump over crypto Clarity Act, Lummis says
WASHINGTON, D.C. — Senator Cynthia Lummis said she was “dismayed, dumbfounded and saddened” that the Senate couldn’t advance a key procedural vote for crypto market structure legislation last week.
Lummis blamed Democrats for the bill’s failure at an appearance Tuesday at CoinDesk’s Policy & Regulation event, saying that while the bill was the result of negotiations between members of both parties.
“The problem was, as I see it, Democrats hate President [Donald] Trump more than they like good policy, and the way I see it is they chose their visceral hatred for President Trump and denied the opportunity to pass important policy legislation before a midterm,” she said. “They chose that … pin it on the Democrats.”
The bill itself was a bipartisan product which grew from some 300 pages to over 600, she said, after Democrats asked for provisions addressing issues like bankruptcy protections, among other items.
Crypto World
Executives of the Year: Firdaus Bhathena

Crypto World
Bill Pappas Is one of TIME’s 2026 Executives of the Year: Tech and Data
After overseeing 150-year-old insurance giant MetLife’s multi-year, $3.2 billion modernization initiative, Bill Pappas turned his focus to AI. In two years, the effort has moved the numbers that matter: faster claims adjudication, lower expenses, better customer experience. “AI is not technology-led; it’s CEO-led,” Pappas says. “It’s changing the way we look at efficiency, at individual productivity, and our growth.” He’s just as focused on defense: he also built a team to “use AI to protect against AI,” aware that the same tools unlocking value are dangerous in the hands of threat actors.
Pappas says his biggest lesson in managing a workforce spanning five generations in the AI era came from an unexpected place: climbing Mount Kilimanjaro with his two adult daughters. He had a fixed process in mind; they improvised better than he did. “This whole thing is about learning, unlearning, and relearning,” he says. It’s the mindset he now encourages among his more than 38,000 technology and operations staff.
Crypto World
Executives of the Year: Dawn Baker

Crypto World
Trump Administration to Cancel Obamacare Coverage for 760,000 Enrollees Over Alleged Fraud
A poll conducted by health policy research group KFF in June found that most voters believe there is at least some fraud in government health programs, and that more than 70% feel it is an extremely or very important issue for candidates to discuss ahead of the midterm elections. For Republican voters, fraud topped all health care issues asked about in the survey, including costs.
But health care costs, which have become increasingly expensive in the U.S. in recent years, weighed more significantly for voters overall, and the poll found that only a minority of those surveyed believed that reducing fraud in government programs would reduce such costs for them personally.
Amid the Trump Administration’s moves to withhold millions in Medicaid payments, 71% also voiced the belief that preserving access to coverage through the insurance program was more important than rooting out fraud. Meanwhile, 65% believed that the Administration’s Medicaid payment deferrals were mostly politically motivated.
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