Bankrupt Poolin Sells Off Assets as Crypto Winter Bites

Poolin, once the world's largest Bitcoin mining pool, has filed for Chapter 11 bankruptcy in the US. The Singapore-based company, along with its US subsidiaries Lone Star Dream and Lone Star Taproot, listed about $173 million in debt, with estimated total liabilities of $100 million to $500 million.

The downturn began in 2022 when Poolin users started complaining about delayed withdrawals on Telegram. Co-founder Kevin Pan wrote that the company was facing liquidity problems at the time, but assured users their funds were safe.

A plan to rebuild through an expansion of its Texas mining facilities also collapsed after approval for a power-grid connection was delayed. The facilities are now up for sale with a $52 million bid from Thor CALAP LLC.