ChainCatcher reported that according to CoinDesk, a Singapore arbitrator declared Poolin's IOU model invalid and ordered it to return 88 BTC (about $1.5 million) to customers. On Tuesday, Poolin CEO Kevin Pan said that the IOU payment has not been issued because the company's cash flow is still insufficient. Kevin Pan expects Poolin to pay Li Bei, the plaintiff in the Singapore case, in the first half of this year, but it will still depend on Poolin's cash flow and market conditions.
Previously, ChainCatcher reported in September last year that Biyin Wallet said that the platform had a liquidity crunch and was doing its best to provide a liquidity relief plan. It then issued six debt tokens IOU-Tokens to represent assets such as BTC held by users, which can be converted into original assets every quarter. (Source link)
