Crypto Mining and Wallet Firm Poolin May Have Moved $150M in Bitcoin. CEO Disputes Data


The firm issued IOU tokens to its users after it froze withdrawals in September.

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Adds denial from Poolin and WuBlockchain’s details on the potential mislabeling of the wallet by CryptoQuant.

Poolin, a firm that runs a crypto mining pool and a wallet service, may have moved 5,640 bitcoin ($150 million) from its main wallet on April 21, according to CryptoQuant data, around the time the world’s largest digital asset dropped to $28,000.

This marks the biggest outflow from miners since December 2020.

Poolin co-founder Zhibiao Kevin Pan (CoinDesk)

However, Kevin Pan, CEO and founder of Poolin disputed the data to CoinDesk, adding that the wallet address doesn’t match up to the company’s profile and activity.

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Meanwhile, news outlet WuBlockchain tweeted that it might be a case of mislabeling of the address. CryptoQuant couldn’t be reached for comment.

The firm has issued at least $238 million in I-owe-you (IOU) tokens, according to analyst estimates, to its users after it froze withdrawals from its wallet service in September, citing liquidity issues.

Data from CryptoQuant shows that Poolin still has 9,935 BTC in its accounts. It is unclear whether the $150 million was liquidated or simply moved to another account.

Poolin hasn’t posted any updates on redeeming the IOU tokens on its wallet arm’s Medium site. Several users on its Telegram community support forum were still complaining about not being paid back as of the time of writing.


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