Poolin Freezes BTC And ETH Withdrawals Due To Liquidity Problem
- One of the largest mining pools admitted its liquidity problems
- They froze the withdrawal from their wallet but launched incentive promotions for miners
- Poolin promises a new payout schedule “in 2-3 weeks”
Poolin has suspended withdrawals from their wallets (Pool Account) due to liquidity issues. This is stated in a company statement.
This was preceded by yesterday’s scandal. One of the miners wrote on the Chinese social network WeChat that he could not withdraw his funds. And Coindesk journalists claim that Poolin CEO Kevin Peng is looking for lenders to support the company’s work.
The reason for the problems was the recent surge in demand for withdrawals. But the company assures us that this will not affect normal mining and direct payments.
Poolin has now launched a zero-fee promotion and settlement adjustment to stabilize liquidity. They will take pictures of BTC and ETH balances on September 6th. And in 2 weeks, management will present an updated payment schedule.
These restrictions apply only to BTC and ETH on Pool Account wallets. Coin mining payouts will remain in effect – they are carried out daily. Also, the freeze does not apply to other coins.
Poolin is the fourth largest Bitcoin mining pool.