- Poolin Wallet has paused withdrawals, flash trades, and internal transfers within its systems.
- The project promised to explore strategic alternatives with various parties while assuring the safety of assets.
- Poolin now has a hash rate of 6.8%, from 10%, with Foundry USA, AntPool, and F2Pool taking the most significant shares.
Poolin Wallet, a crypto asset manager, has halted all withdrawals due to liquidity crises, including flash trades and internal transfers within its systems.
In a Medium post on Monday, the project claimed that the action was imperative “in preserving user assets, stabilizing liquidity, and operations amid the dull crypto market.” Although the project noted that it would explore strategic alternatives with various parties while assuring the safety of assets in the PoolinWallet.
Additionally, from September 8 until December 7, 2022, Poolin will waive all costs for mining Bitcoin and Ethereum, and there will also be additional promotions for those with more significant pool balances. This promotion will be available to users with a pool balance of more than 1 BTC or 5 ETH for a whole year.
Notably, Poolin has its headquarters in Beijing, China, a country that has outlawed crypto mining. Some people argued that the crackdown on mining caught up with the company. According to MicroStrategy‘s CEO Michael Saylor, China’s decision to shut down many crypto mining businesses in the nation is a trillion-dollar error. Nonetheless, according to statistics from Cambridge University, there is a sizable underground mining operation.
Previously, Poolin had a hash rate of more than 10%, but that has now dropped to 6.8%, with Foundry USA, AntPool, and F2Pool taking the most significant shares.
It’s interesting to note that Poolin previously collaborated with BlockFi and Three Arrows Capital, both of whom are now bankrupt after being destroyed by the market crisis. While 3AC and Poolin Wallet forged a strategic alliance, BlockFi and Poolin joined to develop services for cryptocurrency miners.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
