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Bitcoin Miner Poolin Issues IOU Tokens During Withdrawal Halt

  • Services firm has at least $59 million of Bitcoin in wallet
  • Other tokens, including Ether, are also in the frozen account
Racks of mining rigs at a cryptocurrency mining center.

Racks of mining rigs at a cryptocurrency mining center.

Photographer: Andrey Rudakov/Bloomberg
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Poolin, a Beijing-based provider of Bitcoin mining-pool services, is issuing tokens to clients equal to the value of various crypto assets that were frozen last week. 

The firm said earlier that it halted withdrawals to preserve liquidity. Tokens representing six different cryptocurrencies will be issued on a one-to-one ratio, Poolin said in a statement. About $59 million worth of Bitcoin is sitting in Poolin’s digital wallet, according to data from mempool.space. Ether, Litecoin and the stablecoin USDT are among the other tokens being held in the firm wallet.