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Cryptocurrency Mining Pool Provider Poolin Suspends Withdrawals, Citing Liquidity Issues

 Crypto mining pool provider Pullin has suspended withdrawals from its crypto wallet service, which could be a sign of serious problems with the company.

Founded in 2017, Pullin offers a multi-cryptocurrency mining kit, escrow wallet, block explorer and transaction accelerator. The company has raised $10 million from venture capital investors including Three Arrows Capital, Laserprime, Husky and Fenbushi Capital. Pullin currently operates the fourth largest Bitcoin mining pool with a 10.06% hash share, according to BTC.com.

While Pullin's mining pools continue to operate as usual with cryptocurrencies such as Bitcoin, Ethereum, Litecoin and more, the same cannot be said for Pullin's wallet. In a notice sent to customers today, the company said it has suspended all withdrawals, term transactions and internal transfers on the Pullin system starting at 10:00 AM EST today.

“This order serves our goal of preserving assets and liquidity, as well as stabilizing transactions in the cryptocurrency market,” the company said. "In the meantime, we continue to explore strategic options with various parties." The announcement claims that all assets on PullinWallet are safe and more details and solutions will be available throughout the week.

A separate post describes that Pullin Wallet is “currently experiencing some liquidity issues due to increased demand for withdrawals.” In return, the company is offering customers zero fees for bitcoin and ethereum mining from September 8 to December 7, among other offers for users with a large pool balance.

Any company that stops withdrawing funds is a concern, and while it's not clear how bad the pool is doing, serious company liquidity problems are not a good sign, especially when it comes to client funds. The exact amount is unknown, but bitcoin analyst Dylan Leclerc noted on Twitter that the total bitcoin wallet contains 17,600 bitcoins, equivalent to about $155 million.

Since Pullin offers mining and wallet services in many cryptocurrencies, the amount Pullin holds that is not currently available to Pullin wallet users could again be much higher.

Polina is not the first company to suspend withdrawals in the crypto space this year. Cryptocurrency broker Voyager Digital Limited. The fall was halted before filing for bankruptcy in July, but has since resumed, among other companies that have paused the fall during Hoddlenut and Vold's ongoing crypto winter.

Three Arrows Capital, a major investor in Pullin, filed for Chapter 15 bankruptcy in July in a New York court after it ordered the liquidation of assets in the British Virgin Islands. Crypto lending service Celsius put withdrawals on hold in June, citing liquidity issues such as Pullin.

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