world’s largest bitcoin PoolinWallet, the wallet service of mining company Poolin, announced on Monday that it is suspending all withdrawals in an effort to protect its assets and cash.
Leading Bitcoin Mining Company Announces Suspending Withdrawals
PoolinWallet also stated that it continues to explore “new strategic alternatives with various partners”.
The company’s CEO and founder, Kevin Pan, said on Sunday that Poolin is facing cash problems, but users have been assured that their assets are safe.
Customers have been complaining about slow withdrawals since August.
In the statement made on the official account of the wallet, PoolinWallet, In order to protect assets and stabilize cash flow, Poolin plans to stop all withdrawals, instant transactions and in-wallet transfers from its systems as of Monday.”
It was stated in the statement that a reasonable solution will be found within a week, and that the company will prepare a plan to solve the problems in a short time, and borrowing can be considered in this plan if necessary.
In another statement on Poolin’s website, the company announced that Bitcoin and Ethereum announced that there will be no fees for 12 months for users with more than 1 BTC or 5 ETH in their account, starting from September 8 until December 7 for mining.
In an article published on Poolin’s Chinese-language customer support channel on Telegram on Sunday, the company explained that accounts in the mining pool are supported by the company’s wallet services.
*Not investment advice.
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