PoolinWallet, the wallet service of one of the largest bitcoin (BTC) mining pools, has announced that it will issue IOU (I Owe You) tokens to impacted customers after it froze withdrawals last week.
In a Tuesday post on its official Medium account, PoolinWallet said that it will calculate user balances across its native wallet and mining pool before issuing a total of six IOU tokens. Deposits made after Sept. 15, when the IOUs will be distributed, will not be frozen and will not be affected by the IOU mechanism, the post said.
The tokens will reflect a 1:1 ratio of user balances across bitcoin (BTC), ethereum (ETH), tether (USDT), litecoin (LTC), Zcash (ZEC) and Dogecoin (DOGE). Poolin IOUs can be traded for the corresponding cryptocurrency, used to buy new mining machines or shares of the company.
Otherwise, Poolin's intention is to gradually burn IOU tokens batch-by-batch. Users can also withdraw IOU tokens from the platform at any time.
Users on Poolin's official telegram...
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