Bitcoin Mining Giant Poolin Issues New IOU Tokens

Bitcoin mining pool Poolin will issue IOU tokens to those affected by the decision to freeze withdrawals on September 6.

The IOU will be an ERC-20 token on Ethereum, in order to mitigate the impact of the withdrawal suspension, Poolin said in the announcement:

“Our priority, for the time being, is to resume withdrawals of as many coins/tokens as possible, meanwhile, Trade and Earn will remain ‘Out of Service’ till the withdrawal issue has been alleviated significantly. All orders including but not limited to Flexi Earn, Fixed Earn, DeFi, Options, Smart Earn, Gold Range Accrual, Bold Earn, and Dual Deposit will be settled in advance to the assets account, and deposits of new products will be suspended.”

There are 6 IOU tokens on Poolin: IOUBTC, IOUETH, IOUUSDT, IOULTC, IOUZEC, and IOUDOGE. These IOUs are distributed on a 1:1 basis with BTC, ETH, USDT, LTC, ZEC, and DOGE that Poolin owes the user, either in an asset account or a mining account on Poolin.

IOU will be distributed from September 15, users can withdraw IOU at any time with an unlimited number of times. Poolin will announce token specs soon.

Reacting to the above news, many people expressed concern and thought that this was a shady act or a scam.

Up to now, Poolin has not clearly presented the problem that the pool is facing. The company only mentioned in the announcement that it was trying to solve the short-term liquidity shortage and claimed to have ample financial strength and promised to protect investors.

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.

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Harold

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