Bitcoin mining giant Poolin files for bankruptcy owing 11,700 users $164 million
Poolin Technology, along with two Texas affiliates, filed Chapter 11 in New Jersey with about $163.7 million owed to wallet users. The Texas debtors are seeking approval to sell mining assets under stalking-horse bids totaling $52 million, but those offers cover only the Lonestar mining sites and equipment, not cash in the wallet business. Recovery for unsecured wallet creditors is still uncertain because final sale prices, liens, estate allocations, bankruptcy costs, and allowed claims are unresolved. The cases are part of Poolin’s wind-down after its wallet business froze withdrawals in 2022 amid a liquidity crisis tied to falling crypto collateral. Management says the Texas expansion lost money and has now been shut down. The debtors marketed the assets to more than 335 prospects, including crypto miners and AI/data-center buyers, so auction bids could exceed the opening offers. Any proceeds would first pass through lien and bankruptcy priorities before reaching wallet creditors.
