Poolin, a mining pool based in China, announces that it had temporarily suspended wallet withdrawals due to cash flow issues.
Given Poolin’s massive scope, the withdrawal freeze could prove to be a devastating blow to the cryptocurrency ecosystem as a whole.
As of December 2017, the mining pool was responsible for 10.4% of the total hashrate in Bitcoin mining.
At the same time, the group promised a withdrawal restart update in two weeks.
The company’s leadership acknowledged financial difficulties early Sunday.
In it, the intention to halt withdrawals, flash trades, and internal transfers within Poolin systems was made clear.
When compared to other major mining pools, Poolin comes in at number four on the Hash Rate Index.
The Binance Pool controls 10.2% of the total hashrate, however Poolin is currently performing better.
Stopping Poolin Pool withdrawals
The Poolin group announced on Monday that they would be pausing withdrawals temporarily.
Payments to Bitcoin and Ethereum balances have been temporarily halted, the team has said. Poolin has announced that, for the time being, it will not be possible to withdraw any remaining BTC or ETH from the pool.
“On September 6th, we will take a snapshot of the remaining BTC and ETH balances on pool in order to calculate the totals.”
Poolin’s customer debts
There is currently no way to know how much digital assets Poolin owes to its customers.
According to blockchain transactions, almost 18,000 Bitcoin are now stored in Poolin’s wallet. Dylan LeClair, a well-known figure in the cryptocurrency industry, was intrigued by Poolin’s current cryptocurrency holdings.
