Friday, October 7, 2022

Poolin Wallet Joins Other Crypto Firms to Suspend Withdrawal on its Platform

Owing to threatening liquidity issues, bitcoin mining pool Poolin has suspended withdrawal on its wallet platform.

Poolin Wallet is regarded as the wallet service of one of the largest Bitcoin (BTC) mining pools. On September 4th, Poolin Wallet attested to the fact that it is currently trying to preserve assets and stabilize liquidity. Therefore, withdrawals, flash trades, and internal transfers will be paused, a move it activated by 2 pm GMT on Monday 5th September.

Per the published statement, its liquidity issues arose as a result of increased demands on withdrawal on its platform. Poolin claims that their customer’s assets are safe and the company’s net worth still has a positive outlook. Customers were promised a snapshot of the mining pool’s crypto balance. 

According to the announcement, Poolin would “make a snapshot of the remaining bitcoin (BTC) and Ethereum (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. The details of payout schedule for remaining balances will be released when details are set.”

Notably, not all Poolin mining pool activities were affected. For now, regular mining activities and direct payment are not affected. Ultimately, Poolin Wallet suggests that it is still exploring strategic alternatives with several entities.

Poolin Wallet Offers

For now, the meaning pool has offered certain Zero fee promotions and settlement adjustments.

For the promotions, Zero fees apply to BTC and ETH mining clients, including cryptocurrencies that may take up ETH hash rate after the Merge. Also, clients with a stimulating amount of BTC and ETH transact at Zero fees.

As part of its settlement adjustments, it mentioned its various product offerings that had been suspended, specifically BTC, ETH, and swap service. 

Ultimately, Poolin has joined the series of crypto firms that had paused withdrawals and other trading options on their platforms due to different reasons. Crypto lenders like Celsius, had equally halted withdrawals on their platforms. In the same fashion, Babel Finance suspended trading and withdrawal.

The primary cause of their withdrawal suspension was their investment in TerraUSD which crashed and led to a bearish market.

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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