Poolin To Suspend BTC And ETH Withdrawals Starting September 6

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According to Poolin’s notice, “As you may have known, Poolin Wallet is currently facing some liquidity problems due to recent increasing demands on withdrawals. But please be assured, all user assets are safe and the company’s net worth is positive.”

Poolin revealed its plans to freeze Bitcoin and Ethereum withdrawals after September 6 to stabilize liquidity and preserve users’ assets.

Poolin, the world's fourth largest Bitcoin mining pool, released a notice stating PoolinWallet will cease internal transfers, flash trades, and swap services after 2 PM GMT, Monday. Poolin will also temporarily suspend BTC and ETH withdrawals starting September 6 on account of facing liquidity problems due to “increasing withdrawal demands.”    

The Poolin team will make a snapshot of the remaining Bitcoin and Ethereum balances to settle outstanding payments, while the payouts for the other coins will remain unaffected. Moreover, Poolin clarifies that all sub-alt and anonymous mining accounts will be paid normally. The mining firm will also switch its Bitcoin payment method from FPPS to PPLNS after September 8.

In the another post, Poolin revealed its plans to exempt Bitcoin and Ethereum mining fees between September 8 and December 7 for standard accounts. Additionally, accounts with more than 1 BTC or 5 ETH are eligible for a one-year fee waiver that will last until September 7, 2023. The zero-fee offer will also apply to other coins that may take Ethereum’s hash rate after The Merge.

Poolin’s team claims that the suspension of services is temporary, with its CEO, Kevin Pan, claiming the team will provide a solution within a week. He notes that the solution may involve taking on debts to fix Poolin’s liquidity issues.

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Written by
Ayush Pande
According to Poolin’s notice, “As you may have known, Poolin Wallet is currently facing some liquidity problems due to recent increasing demands on withdrawals. But please be assured, all user assets are safe and the company’s net worth is positive.”

Poolin revealed its plans to freeze Bitcoin and Ethereum withdrawals after September 6 to stabilize liquidity and preserve users’ assets.

Poolin, the world's fourth largest Bitcoin mining pool, released a notice stating PoolinWallet will cease internal transfers, flash trades, and swap services after 2 PM GMT, Monday. Poolin will also temporarily suspend BTC and ETH withdrawals starting September 6 on account of facing liquidity problems due to “increasing withdrawal demands.”    

The Poolin team will make a snapshot of the remaining Bitcoin and Ethereum balances to settle outstanding payments, while the payouts for the other coins will remain unaffected. Moreover, Poolin clarifies that all sub-alt and anonymous mining accounts will be paid normally. The mining firm will also switch its Bitcoin payment method from FPPS to PPLNS after September 8.

In the another post, Poolin revealed its plans to exempt Bitcoin and Ethereum mining fees between September 8 and December 7 for standard accounts. Additionally, accounts with more than 1 BTC or 5 ETH are eligible for a one-year fee waiver that will last until September 7, 2023. The zero-fee offer will also apply to other coins that may take Ethereum’s hash rate after The Merge.

Poolin’s team claims that the suspension of services is temporary, with its CEO, Kevin Pan, claiming the team will provide a solution within a week. He notes that the solution may involve taking on debts to fix Poolin’s liquidity issues.

We’re glad you read to this point!

Every week, we publish an email newsletter highlighting all the juicy stories we covered in the crypto space, bringing all the major happenings to your doorstep.

So, if you want to have top stories delivered to your email inbox every week, subscribe to our newsletter!

Written by
Ayush Pande