Singapore Arbitrator Rules Against Mining Software Firm Poolin’s IOU Model, But the Firm Hasn’t Paid Yet

The firm had originally said on Sept. 13: “In practice, PoolinWallet will offer IOU-token to token single-direction swap in the Trade function, allowing users to trade their IOUBTC to BTC, IOUETH to ETH, IOUUSDT to either USDT or USDC, IOULTC to LTC, IOUZEC to ZEC, IOUDoge to Doge, quarterly. Also, PoolinWallet is likely to increase the frequency and amount of redeem as long as the liquidity becomes available, meanwhile, users could withdraw their IOU tokens and trade on chain or even with third parties (if available) freely.”