Crypto mining pool Poolin has announced that it will suspend Bitcoin and Ethereum withdrawals due to liquidity issues.
Poolin was also involved in the liquidity shortage experienced by crypto firms. The company has long been known to have liquidity problems.
Poolin Suspends Withdrawals
Earlier in the day, Poolin admitted that they were experiencing liquidity problems and stated that they would take measures for this.
The company made the following statement today:
“Poolin is facing some liquidity issues due to the recent increase in withdrawals. But please make sure all user assets are safe and the company’s net worth is positive.”
Poolin also stated that a snapshot of the Bitcoin and ETH assets remaining in the pool will be taken.
“Moneys issued after September 6 will be paid daily under normal conditions. Other cryptocurrencies will not be affected. Payment schedule details for remaining balances will be announced when details are determined.”
The Beijing-based company has joined crypto firms that have suspended withdrawals. Crypto lending firms such as Voyager Digital and Vauld also announced in July that they were stopping withdrawals.
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