Poolin Enters Bankruptcy Proceedings, Sells Assets for $52M

Poolin mining pool has initiated bankruptcy proceedings in the United States and established a creditors' committee to oversee the process. On August 12, the company set up this committee to manage the liquidation of its assets as part of Chapter 11 bankruptcy protection.

The creditors' committee has hired a law firm to intervene on behalf of all creditors involved. Creditors do not need to appoint their own lawyers and can instead submit their claims through the official Verita Global page, which will handle the sale and liquidation of assets.

Prior to this development, Poolin had applied for Chapter 11 bankruptcy protection in the U.S. District Bankruptcy Court in New Jersey in July. The company plans to sell its Texas Bitcoin mining farm assets for $52 million.