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

On Sunday, the mining pool acknowledged having liquidity issues.

AccessTimeIconSep 5, 2022 at 4:50 p.m. UTC
Updated May 11, 2023 at 4:23 p.m. UTC
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Poolin Wallet, the wallet service of one of the world's biggest bitcoin (BTC) mining pools, is suspending all withdrawals as it tries to preserve assets and stabilize liquidity, the firm said on Monday.

Poolin Wallet 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.

"Poolin Wallet plans to pause all withdrawals, flash trades, and internal transfers within Poolin systems" starting 2 p.m. GMT on Monday in order to preserve assets 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 ether (ETH) mining until Dec. 7, starting Sept. 8, and for 12 months for users with more than 1 BTC or 5 ether 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.


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Eliza Gkritsi

Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.

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