Poolin Bankruptcy: Bitcoin Mining Giant Owes Users $163.7 Million

Poolin Technology Pte. Ltd., a Singapore-based company that once managed one of Bitcoin's largest mining pools, has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of New Jersey.

The filing covers Poolin alongside two U.S. affiliates, Lonestar Dream Inc. and Lonestar Taproot LLC.

Prior to the bankruptcy, Poolin was facing significant financial difficulties after freezing withdrawals from its wallet users in September 2022, citing 'liquidity issues' tied to a broader crypto crash.

About $163.7 million is owed to roughly 11,700 wallet holders who were issued IOU tokens instead of their withdrawn Bitcoin.