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Embattled Crypto Mining and Wallet Firm Poolin Moved $150M in Bitcoin

source-logo  coindesk.com 25 April 2023 15:15, UTC

Poolin, a firm that runs a crypto mining pool and a wallet service, moved BTC 5,640 BTC ($150 million) from its main wallet on April 21, shows CryptoQuant data, around the time that 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. 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.

Read more: Singapore Arbitrator Rules Against Mining Software Firm Poolin’s IOU Model, But the Firm Hasn't Paid Yet