BTC Mining Pool Poolin Suspends Wallet Withdrawals in Bid to ‘Stabilize Liquidity’

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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June 26, 2023 06:54 EDT

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The bitcoin (BTC) mining pool Poolin’s wallet arm – PoolinWallet – has announced that it will be “temporarily” suspending all withdrawals in a bid to “preserve assets and stabilize liquidity.” The pool blamed the issue on a spike in withdrawal requests.

In a post on its Medium page, PoolinWallet claimed that its “imperative” “serves” its “goal” of safeguarding assets and maintaining its “operations” in the “midst” of what it called a “dull crypto market.”

The firm assured customers that their assets were “safe” and claimed that it was “expecting to provide the community with more details” – as well as “feasible solutions” in the next seven days.

The announcement comes hours after Poolin’s Founder and CEO Kevin Pan was quoted as telling his social media followers on WeChat Moments that the pool was dealing with “liquidity issues.” Pan also claimed at the time that PoolinWallet users’ were “safe.” 

The wallet’s operators claim that the firm has “paused” all withdrawals as well as “flash trades and internal transfers within [the] Poolin system.”

Not the first of the problems users have had with PoolinWallet

However, it appears that PoolinWallet users have been experiencing problems on the platform for some time. On the wallet’s official Telegram English-language channel, users appear to have been complaining about bitcoin withdrawals being “stuck” or slow since mid-summer.

PoolinWallet also made note in July of “slow” ethereum (ETH) deposit and withdrawal speeds, but blamed the problem on “some unknown node syncing issues.”

The pool has apparently attempted to cool the fraying tempers of its users by launching a number of promotional offers.

On its website, Poolin acknowledged that its wallet was “currently facing some liquidity problems due to recent increasing demands on withdrawals.” The pool again asserted that “all user assets” were “safe” and claimed that “the company’s net worth” was “positive.”

Poolin also claimed that its mining pool services were “not much affected” by the move.

On its Chinese-language Telegram channel, Poolin wrote that it would “soon” announce which cryptoasset wallets would be re-opened for withdrawals first.