Liquidity problems force Poolin to halt withdrawals.
Poolin, one of the world’s biggest Bitcoin (BTC) mining pools, has suspended its withdrawals due to liquidity problems.
According to the announcement shared on September 5th, the company states that PoolinWallet is halting all withdrawals, internal transfers, and flash trades to stabilize liquidity.
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The company used its post to reassure users that their funds in Poolin accounts are completely safe and highlighted that it is searching for “strategic alternatives with various parties.”
We want to assure you that your assets in PoolinWallet are safe and we are expecting to provide the community with more details, and feasible solutions within a week.
In a separate blog post shared on September 5th, the company noted that liquidity problems have arisen from increased demand for withdrawals.
Due to this demand, Poolin was forced to halt withdrawals for Bitcoin (BTC) and Ether (ETH). The company did not specify the exact date when withdrawals will be relaunched, however, noted that “plans of resume will be revealed within 2 weeks”.
In its blog post, Poolin Team noted:
We will make a snapshot of the remaining BTC and ETH balances on the pool on September 6th to work out the balances. The daily mined coins after September 6th will be normally paid out per day. Other coins are not affected.
In the same blog post, Poolin offers zero fees for Bitcoin (BTC) and Ethereum (ETH) mining. According to Poolin, the deal will be available from September 8th to December 7th.
This article was originally published in Bitdegree and can be viewed here: