Troubled Bitcoin Mining Pool 'Poolin' Providing IOU Tokens Amid Withdrawal Freeze Due to Solvency Issues

Troubled Bitcoin Mining Pool 'Poolin' Providing IOU Tokens Amid Withdrawal Freeze Due to Solvency Issues
  • The IOU-token represents users’ certain kind of asset held in the assets account of PoolinWallet as well as the mining pool account of PoolinMiningPool. There will be six IOU-tokens issued by PoolinWallet, namely the IOUBTC, IOUETH, IOUUSDT, IOULTC, IOUZEC, and IOUDoge, representing users’ original holdings of BTC, ETH, USDT, LTC, ZEC, and Doge, respectively at 1:1 ratio.
  • IOU-tokens are standard ERC-20 tokens issued on the Ethereum blockchain by PoolinWallet.
  • The withdrawals of IOU-tokens are unlimited. Users could withdraw their IOU-tokens at any time. The withdrawal request will be approved quickly and automatically.
  • PoolinWallet will redeem users’ IOU-tokens with the ultimate goal of burning all the IOU-tokens batch by batch. The ratio of IOU-token to token will stay at 1:1 in PoolinWallet App.

https://medium.com/@PoolinWalletOfficial/sep-13rd-poolinwallet-announcement-on-the-adjustment-of-products-and-services-735e2fea15c1
archive: https://archive.ph/iz73h