Bitcoin Mining Pool Poolin Suspends Withdrawals From Wallet Service

PoolinWallet, one of the world’s largest Bitcoin mining pools, has suspended all withdrawals to conserve assets and stabilize liquidity, the company announced on Monday.

Poolin’s CEO and creator, Kevin Pan, stated on Sunday that the company was experiencing liquidity challenges but assured users that their investments were safe. Customers have been complaining about sluggish withdrawals since at least August.

The post on the wallet’s official Medium account stated:

“PoolinWallet plans to pause all withdrawals, flash trades, and internal transfers within Poolin systems from 10:00 PM, GMT+8, September 5, 2022.”

Poolin will conduct a snapshot of BTC and ETH remaining in the pool on September 6 to calculate the balance. Coins mined after this date will be paid out every day. Details will be announced later.

“Withdrawals from Pool Account will be paused. Time and plans of resume will be released within 2 weeks.”

The company also announced that it would be free to mine Bitcoin and Ethereum from September 8 to December 7 and for 12 months for users holding a minimum of 1 BTC or 5 ETH in their pool or Pool Account.

In terms of transaction blocks, Poolin ranks fourth in the last 24 hours, according to BTC.com. At press time, Poolin has yet to state the source of the liquidity problem clearly, but there are sources of user complaints on the project Telegram channel. In a post, Kevin Pan has come up with the idea of taking on debt to support the company’s finances.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News