Home » One of the biggest Bitcoin mining pools in the world, confesses to liquidity issues, but assures users their funds are safe

One of the biggest Bitcoin mining pools in the world, confesses to liquidity issues, but assures users their funds are safe

by LLT FINANCE REPORTER
5th Sep 22 3:25 pm

The CEO of Poolin, one of the biggest Bitcoin mining pools in the world, confessed to liquidity issues, but assured users their funds were safe at the same time, CoinDesk reported. Currently, Poolin is the fifth-largest Bitcoin mining pool.

The issues aren’t since yesterday; users have been complaining about problems with withdrawals from their wallets since August, probably longer, messages on Poolin’s Telegram support channels show.

CEO Kevin Pan assured users’ assets were safe in a post on WeChat Moments on Sunday, insisting the company’s net worth was still positive.

He also assured the company was working on a plan to deal with the issues, which might involve taking out equity debt.

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A post on Poolin’s Chinese Telegram, coming from around the same time, sought to dispel rug pull rumors to reassure customers. The wallet and mining pool operate independently of each other. According to the post, risk management processes caused withdrawal delays.

Today, a customer service representative admitted Poolin was “facing some financial issues” which made withdrawals more challenging.

When asked when withdrawals would go through, the rep told CoinDesk “It’s hard to name a specific date. As the problem is being fixed, more and more transactions will be made successfully, some would be made today or tomorrow, and some of them may need to wait for few days.”

Poolin commented last month that it had been facing postponements in the plan to develop a mega-Bitcoin mine in Texas. Miners in the Lone Star State are waiting for approval of their applications to connect to the grid.

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