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A few days ago, one of the largest Bitcoin mining pools, Poolin, suspended withdrawals from their wallet service, PoolinWallet, in an effort to stabilize assets and preserve liquidity. This is significant because 1) Poolin is a China-based mining pool service, operating in China after the mining ban, and 2) the pool was estimated to have roughly 10% of the hash rate before withdrawals were suspended.
Three Arrows Capital & Poolin Wallet Strategic Partnership
While the cause of Poolin’s “liquidity issues,” is not exactly known, if the two firms were still financially interlinked during the fall of Three Arrows Capital amid the crypto industry contagion, that event could certainly have played a factor.
Read: Bitcoin Magazine PRO Contagion Report