Poolin, one of the largest Bitcoin mining pools by hash rate, has announced it will be issuing IOU tokens in an effort to “minimize the impact of withdrawal suspension” for users.
In a Tuesday blog post, Poolin said its wallet service will be releasing IOU ERC-20 tokens for users unable to withdraw their Bitcoin (BTC), Ether (ETH), Tether (USDT), Litecoin (LTC), Zcash (ZEC) and Dogecoin (DOGE) holdings. On Sept. 15, the mining pool will issue IOUBTC, IOUETH, IOUUSDT, IOULTC, IOUZEC and IOUDoge, respectively, at a 1:1 ratio based on users’ holdings following the suspension of withdrawals due to reported “liquidity problems.”
"Our priority, for the time being, is to resume withdrawals of as many coins/tokens as possible," said Poolin. “The company now is striving for multiple solutions to solve the short-term shortage of liquidity, including seeking new investments, debt-equity swaps and assets liquidating.”
According to Poolin, users will have the number of original tokens in their...
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