Poolin, One of the Largest Bitcoin Mining Pools, Suspends Withdrawals From Wallet Service

Just yesterday, the mining pool admitted to liquidity issues.Read MoreCoinDesk

PoolinWallet, the wallet service of one of the world’s biggest bitcoin mining pools, is suspending all withdrawals as it tries to preserve assets and stabilize liquidity, the firm said on Monday.

PoolinWallet also said it’s continuing to explore “strategic alternatives with various parties.”

On Sunday, the firm’s CEO and founder Kevin Pan said that Poolin was facing liquidity issues but assured users that assets were safe. Customers have been complaining since at least as far back as August that withdrawals were slow.

“PoolinWallet plans to pause all withdrawals, flash trades, and internal transfers within Poolin systems” starting 2 p.m. GMT on Monday in order to preserve asserts and stabilize liquidity, said the post on the wallet’s official Medium account.

A “feasible” solution will be provided within a week, the post said, echoing Pan’s statement that the company would soon come up with a plan to fix the issues. That plan might include debt, according to Pan’s post.

In a separate post on Poolin’s site on Monday, the company announced it was waiving fees for bitcoin and ethereum mining until Dec. 7, starting Sept. 8, and for 12 months for users with more than 1 BTC or 5 ETH in their pool balance or in Pool Account.

In a post on Poolin’s Chinese-language customer support Telegram channel on Sunday, the firm explained that accounts on the mining pool are supported by its wallet service.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Leave a Reply

Your email address will not be published. Required fields are marked *