PoolinWallet, the wallet service of one of the world's biggest bitcoin mining pools, is suspending all withdrawals as it tries to preserve assets and stabilize liquidity, the firm said on Monday.
PoolinWallet also said it's continuing to explore "strategic alternatives with various parties."
On Sunday, the firm's CEO and founder Kevin Pan said that Poolin was facing liquidity issues but assured users that assets were safe. Customers have been complaining since at least as far back as August that withdrawals were slow.
"PoolinWallet plans to pause all withdrawals, flash trades, and internal transfers within Poolin systems" starting 2 p.m. GMT on Monday in order to preserve assets and stabilize liquidity, said the post on the .
A "feasible" solution will be provided within a week, the post said, echoing Pan's statement that the company would soon come up with a plan to fix the issues. That plan might include debt, according to Pan's post.
In a ETH in their pool balance or in Pool Account.on Poolin's site on Monday, the company announced it was waiving fees for bitcoin and ether mining until Dec. 7, starting Sept. 8, and for 12 months for users with more than 1 BTC or 5
In a post on Poolin's Chinese-language customer support Telegram channel on Sunday, the firm explained that accounts on the mining pool are supported by its wallet service.