Poolin Files Chapter 11 Bankruptcy With $173.1M Liabilities

Poolin seeks US bankruptcy protection amid $173.1M debt and <$10M assets, stemming from frozen user funds and failed Texas operations.

Woofun AI reports that Poolin Technology Pte. Ltd. and its US subsidiaries filed for Chapter 11 bankruptcy in New Jersey on July 22nd. Court filings indicate liabilities of approximately $173.1 million against assets under $10 million, affecting 10,000 to 25,000 creditors. The primary debt involves 11,700 "Poolin Wallet" users whose Bitcoin holdings were misappropriated for lending in September 2022, leading to frozen withdrawals and unpaid IOUs. Founded in 2017, the pool once controlled up to 20% of network hashrate but faced severe losses after relocating to Texas in 2021. Operational failures there resulted in $45.9 million in losses, culminating in a permanent shutdown on July 10th. A $52 million bid for West Texas mining assets is insufficient to cover total debts, leaving creditors with partial repayment prospects.