Analysts from CryptoQuant recently reported that the Poolin mining pool, which is now on the verge of bankruptcy, allegedly transferred bitcoins from its main wallet. We are talking about 5640 BTC worth $150 million. This news was disputed by the company’s CEO and its founder Kevin Pan. He claims that the wallet address does not match the company data. Well-known crypto-journalist WuBlockchain also joined Poolin’s side. He believes that CryptoQuant made a mistake with the address labeling.
CryptoQuant shows that Poolin Mining pool, which is in a semi-bankrupt state, transferred 5,640 BTC from its main wallet on April 21, CoinDesk reported. But according to our research, this is more likely to be a mislabeling of the address. https://t.co/6VLDY0nr9k
— Wu Blockchain (@WuBlockchain) April 25, 2023
Let us remind you that Poolin is currently struggling with financial difficulties. In September last year, they froze the withdrawal of BTC and ETH due to liquidity problems. To solve the situation, they later issued debt IOU tokens - a kind of analogue of receipts. They can be used to purchase mining equipment, trade transactions, and purchase Poolin US shares. During these months, the company never repaid the debt tokens.
According to CryptoQuant, Poolin still holds 9,935 BTC in its accounts. And a WuBlockchain journalist shared rumors that the company pledged its bitcoins to Bitmain to buy new installations.
Previously, poolin issued IOU tokens including 8,400 BTC. Therefore, if its own wallet holds more BTC, there is no possibility of non-repayment. There are also news that poolin has mortgaged BTC to Bitmain to buy rigs, so its BTC is more likely to be kept in the Bitmain account…
— Wu Blockchain (@WuBlockchain) April 25, 2023
This means that BTC owned by Poolin will either remain in the Bitmain account or will be liquidated.
