The Poolin mining pool faced a liquidity shortfall, but users’ funds are safe. This was stated by founder and CEO Kevin Pan, according to CoinDesk.
Since August, users have reported withdrawal issues from wallets on the platform. Support said that the delays are related to risk management, and custody and mining services operate independently.
One client told the publication that the company ‘faced some financial difficulties’ that hindered withdrawals.
According to Poolin’s head, the company’s net worth remains positive, and management will present a plan to exit the situation soon. The measures may include seeking debt financing secured by equity and equipment, he said.
According to BTC.com, the pool Leadership still holds Foundry USA — 21.77%.
In July 2021, Poolin faced problems amid China authorities’ crackdown on miners. The pool suspended payments on hash-rate tokens pBTC35A and pETH18C, blocked in the Mars protocol. Only after two months did the group manage to partially resume crediting assets to users.
As a reminder, in June 2022, Bitcoin miners’ revenue fell by 26% from May — to $668 million. In July, the figure fell another 9%, to $609.7 million.
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