Poolin Accused of Moving $150M in Bitcoin

Poolin, a cryptocurrency mining pool and wallet service company, has been accused of moving 5,640 bitcoin (valued at $150 million) from its main wallet, as per data from CryptoQuant. This movement coincides with the period when the value of the largest digital asset fell to $28,000. This is considered the most significant outflow from miners since December 2020.

However, Kevin Pan, CEO and founder of Poolin, refutes these claims, stating that the wallet address in question does not align with the company’s profile and activities. WuBlockchain, a news outlet, suggested that this might be a case of mislabeling of the wallet address. CryptoQuant has not yet responded to these allegations.

The company had previously issued $238 million in IOU tokens to users after freezing withdrawals from its wallet service in September, citing liquidity issues. CryptoQuant data reveals that Poolin still holds 9,935 BTC in its accounts, and it remains unclear whether the $150 million was liquidated or just transferred to another account.

There have been no updates on redeeming the IOU tokens on Poolin’s wallet arm’s Medium site. As of now, several users continue to express concerns on its Telegram community support forum about not receiving repayment.