Pi does not allow any one to have have multiple accounts. Pi wants to remove out the multiple and bots accounts. For this purpose Pi is doing KYC (Know your customer). Since multiple accounts and bots account cannot be verified by KYC, these accounts and their Pi will be burnout, is clearly mentioned by the core team of Pi.
But this will take time. Since only 100000 slots are available for KYC verification in a month, legitimacy of more than 13 M users will also take time. This burning is only possible after the verification of all legitimate users. Core team is developing different techniques for KYC verification.
Are all these a part of a hoax? Or it sounds fake as it is path-breakingly easy?
If millions of users are willing to provide their personal information to get KYC'd on a mobile platform, which is what Pi really is. I don't know why they keep holding this pretense of a blockchain. If all those users get KYC'd, then that by itself grants value to the owners of that data. Keep in mind that its not the millions of so-called "pioneers" who own that data.
I think it is all just a privacy risk for a few worthless tokens. There are plenty of other opportunities in the crypto space where you can earn money by doing legit work rather than clicking on a link everyday and doing "mining" and adding your friends and relatives onto a mobile application.
If there was any doubt in your mind that all this app intends to do is to enrichen its owners with the network effect of having thousands of gullible indian on board, it now has targeted ads when the app launches.