China-based mining pool poolin, citing liquidity problems, announced that it has temporarily stopped withdrawals from wallets. Given Poolin’s dominance in the space in which it operates, could stopping the withdrawals cause a setback for the crypto ecosystem?
It should be noted that the leading mining pool has a hash rate of 10.4% in Bitcoin mining. According to the statement from the team, the shooting processes will reopen in two weeks.
According to Hash Rate Index, Poolin is the best mining pools ranks fourth. According to current figures, Poolin outperforms Binance Pool, which accounts for 10.2% of the hash rate.
Poolin Pool Account Withdrawals Suspended
An announcement on Monday announced that withdrawals will be paused. The team also bitcoin and Ethereum balance payments will be temporarily suspended. Poolin shared the note that payment of existing BTC and ETH balances in the pool will be temporarily suspended:
“We will take a snapshot of the remaining BTC and ETH balances in the pool on September 6 to resolve the balances.
Withdrawals from the Pool Account will be paused. Plans for when to restart operations will be announced within two weeks. Regular mining and direct payment transactions from the mining pool will not be affected by this suspension decision.”
How Much Does the Company Owe to Customers?
Meanwhile, it is currently unclear how much Poolin owes its customers in digital assets. According to known wallet figures, Poolin currently has around 18,000 Bitcoins in his wallet. Dylan LeClair, an insider of the crypto industry, questioned the detail of how much cryptocurrency Poolin currently owns.
“The known Poolin Bitcoin wallet now holds 17,600 BTC. How much is owed to customers?”
However, the team suggests that all user assets are safe: “All user assets are safe and the company’s net worth is positive.”
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.