Poolin, a crypto mining pool and a wallet service provider, reportedly moved a massive sum of 5,640 BTC on April 21, with an estimated worth of $150 million. It marked the biggest transfer from miners since December of last year. This move came shortly after the price of Bitcoin dropped to $28,000.

The firm has released IOU tokens for the amount of $238 million to its users in response to the incident in September, where it froze its wallet service due to liquidity issues. CryptoQuant data implied that Poolin held 9,935 BTC in its wallet. It’s unknown whether the $150 million worth of BTC was liquidated or moved to an alternate account.

The firm kept silent over the issue and has not provided any updates yet. Additionally, its Telegram community support forum was still overflowing with complains from users concerning their still unpaid IOU tokens. Singapore’s arbitrator came out with a revelation that Poolin’s IOUs do not comply with the standards, yet no payment has been provided.

Overall, the tragedy keeps unfolding for Poolin and its users. This crypto goldmine of $150 million raises more questions about the firm’s present and future. Bearing this in mind, the firm and its users ought to determine a solution with liquidity troubles and the disputes over IOU tokens that remain outstanding. Subsequently, this could serve as a lesson in the crypto economy, a reminder that things can still go wrong despite the prevalence of digital currencies in recent years.



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