UPDATE (17:41 UTC, April 25): Adds denial from Poolin and WuBlockchain's details on the potential mislabeling of the wallet by CryptoQuant.
According to CryptoQuant data, a company called Poolin, which operates a crypto mining pool and a wallet service, may have transferred 5,640 bitcoin ($150 million) from its primary wallet on April 21 around the time the value of the biggest digital asset fell to $28,000.
The number of miners leaving has increased significantly since December 2020.
Kevin Pan, the CEO and founder of Poolin, refuted the information, claiming that it didn't correspond to the company's profile or behaviour.
WuBlockchain, a news outlet, tweeted that the address may have been mislabeled in the interim. It was impossible to contact CryptoQuant for comment.
According to analyst estimates, the company distributed at least $238 million in I-owe-you (IOU) tokens to its consumers after freezing withdrawals from its wallet service in September, citing liquidity difficulties.
According to information from CryptoQuant, Poolin still holds 9,935 BTC in its accounts. It's unknown if the $150 million was transferred to another account or liquidated.
On the Medium page for its wallet arm, Poolin hasn't provided any updates regarding the IOU token redemption.
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