Embattled Crypto Mining and Wallet Firm Poolin Moved $150M in Bitcoin
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Eliza Gkritsi is CoinDesk’s crypto mining reporter based in Asia.
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Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
Poolin, a firm that runs a crypto mining pool and a wallet service, moved 5,640 bitcoin ($150 million) from its main wallet on April 21, according to CryptoQuant data, around the time the world’s largest digital asset dropped to $28,000.
This marks the biggest outflow from miners since December 2020.
The firm has issued at least $238 million in I-owe-you (IOU) tokens, according to analyst estimates, to its users after it froze withdrawals from its wallet service in September, citing liquidity issues.
Data from CryptoQuant shows that Poolin still has 9,935 BTC in its accounts. It is unclear whether the $150 million was liquidated or simply moved to another account.
Poolin hasn’t posted any updates on redeeming the IOU tokens on its wallet arm’s Medium site. Several users on its Telegram community support forum were still complaining about not being paid back as of the time of writing.
The firm could not be reached for comment.
Edited by Aoyon Ashraf.
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Eliza Gkritsi is CoinDesk’s crypto mining reporter based in Asia.
Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.
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Eliza Gkritsi is CoinDesk’s crypto mining reporter based in Asia.
Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.
