Poolin Bankrupt, Core Scientific Pays $42M to End Proto Deal

Poolin Tech has filed for Chapter 11 bankruptcy protection in a New Jersey court. The Singapore-based mining pool, which was once among the sector's top performers, cited assets between $1 million and $10 million and liabilities between $100 million and $500 million. Poolin estimated its number of creditors at between 10,001 and 25,000.

The company's troubles began in 2022 as Bitcoin's price crashed amid a wave of crypto bankruptcies and the 'crypto winter' that followed. Poolin froze withdrawals by its users, citing 'some liquidity issues,' which were caused by dramatic declines in the crypto collateral backing the loans it had taken out.

Poolin is now looking to unload its two West Texas mining sites, with a designated 'stalking horse' bidder set to ensure a minimum sale of $52 million. The company's AI pivot was prevented by its longstanding financial challenges.