Dr. Nikolaos Kokkalis, CEO of Pi Network, along with his team, announced this evening that:

The next second migration will include referral bonuses that people earned from their downlines that have passed KYC. The first migration currently underway is based on the amount of Pi that a person has mined, the duration of their lockup, and the results of their security circle.
In today's statement from the Core Team, it was mentioned that the first migration is not yet completed. As soon as it is completed, the second migration will begin, during which users will receive bonuses for the referral programs they have earned.
The third migration will occur either monthly, quarterly (every three months), or annually, according to the Development Team. It will include three main components:
1. The Pi accumulated after the first migration and any new locking changes made by the user.
2. Migration for new Pioneers.
3. Validators who assisted with KYC, helping to verify users from different countries.
The Pi you have received up to this point is based solely on the Pi that you have personally mined, without any bonuses from referrals or other sources. Signs indicate that the first migration is almost complete, with nearly 15 million verified users and their migration completed.
However, it is believed that millions of others have shown no signs of activity or readiness to complete KYC, and therefore have not yet been verified or migrated.
It seems that after the start of the second migration, anyone who has not completed KYC may lose their Pi, especially those who started mining Pi from 2019 to 2024.