Bankrupt Bitcoin Mining Pool Pollin Seeks $52M from Texas Site Sales
Poolin, once one of the world's largest Bitcoin mining pool companies, has filed for Chapter 11 bankruptcy proceedings in the U.S. Bankruptcy Court for the District of New Jersey.
The Singapore-based company and its U.S. affiliates, Lonestar Dream and Lonestar Taproot, listed between 10,001 and 25,000 creditors and estimated their liabilities at between $100 million and $500 million.
Out of a total debt of almost $173 million, around $163 million is made up of unsecured promissory notes issued to wallet customers after crypto withdrawals were blocked in 2022.
Pollin aims to sell two Texas sites for at least $52 million, with one possible purchaser, Thor CALAP, interested in buying the Pyote location for $15 million and the Tarbush location for $37 million worth of power rights and equipment.