Poolin, Once One of Bitcoin's Biggest Mining Pools, Files for Bankruptcy
Poolin Technology Pte. Ltd., once one of Bitcoin’s largest mining pools, filed for Chapter 11 bankruptcy on July 22 in New Jersey, along with U.S. affiliates Lonestar Dream Inc. and Lonestar Taproot LLC. Court filings show more than $100 million in prepetition obligations and less than $10 million in assets. Founded in 2017 by former Bitmain veterans, Poolin grew to control nearly a fifth of global Bitcoin hashrate and later expanded into crypto lending through Poolin Wallet. Trouble began in September 2022 when the company froze withdrawals amid liquidity problems during the crypto downturn. It issued IOU tokens instead of repaying users, and those debts remain unpaid. The biggest liability is owed to about 11,700 wallet holders, who are due $163.7 million. Poolin’s Texas mining operations shut down on July 10 and will not resume. The company is auctioning two West Texas sites, with a $52 million stalking-horse bid, but that sale is expected to cover only physical assets and far less than user claims.
