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Poolin Bitcoin Mining Firm Seeks $52M Sale After Filing Bankruptcy

Guavy AI Editorial Team
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Singapore-based Bitcoin mining company Poolin has filed for Chapter 11 bankruptcy protection in New Jersey, along with its US affiliates Lonestar Dream Inc. and Lonestar Taproot LLC.

The firm is seeking court approval for a $52 million sale of its Texas mining properties as part of the bankruptcy process.

Poolin's financial troubles began after it froze customer withdrawals in 2022, leaving thousands of wallet users with IOU tokens. The company listed between 10,001 and 25,000 creditors, with petition assets estimated between $1 million and $10 million.

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