Bitcoin Pool Poolin has submitted a plan to resume the withdrawal of funds

Bitcoin Pool Poolin has When to wait for submitted a plan to resume the withdrawal of funds

Poolin, encountered with liquidity deficiency, will release tokens as debt receipts (IOU) to solve the problem of withdrawing funds.

In early September, the founder and CEO of Kevin Pan recognized financial problems and promised to soon submit a way out of the situation.

As part of the announced decision, the platform will release six types of ERC-20 tokens on Ethereum: iUBTC, IOUTH, IUUSDT, IULTC, IOZEC and iUDOGE. Each of them will be 1: 1 present the corresponding basic assets: BTC, ETH, USDT, LTC, ZEC and DOGE.

Poolin will accrue iOU-tokens according to Snapshot, replacing them with cryptocurrencies both in the wallet service and in the mining pool.

The distribution of coins will be held on September 15.

There are no restrictions to withdraw “debt” tokens.

The platform will burn a part of the coins quarterly, allowing customers to exchange them for basic assets. The company believes that a gradual improvement in liquidity position will increase the rate of maturity of iOU-tokens.

Owners will be able to use coins for trading, buying mining equipment and acquiring shares of the American unit Poolin US. Assets will also serve as a collateral in the lending service.

More information and additional options for using IOU-Tolecen in the company promised to reveal later.

Since the beginning of the month, the Bitcoin hashrate controlled Poolin has decreased more than half from 26.6 EH/S to 11.3 EH/S, according to BTC.Com. With a share of 3.93% in the total indicator, the platform fell to seventh place among the pools.

Recall that in July 2021, Poolin ran into problems against the background of the attack of the Chinese authorities on miners. The pool suspended the PBTC35A and PETH18C hash-tokens. Only two months later, the structure partially resumed the accrual of assets to users.

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