Poolin Files Bankruptcy Amid $163 Million IOU Debt

Poolin Technology, once one of the largest mining pools for Bitcoin, has filed for Chapter 11 bankruptcy in the US. The Singapore-based company filed on July 22, listing over $100 million in prepetition obligations and less than $10 million in assets.

The largest single debt is owed to around 11,700 users who hold IOU tokens as placeholders for real Bitcoin. These debts total approximately $163.7 million, according to court documents.

Poolin's troubles began in September 2022 when the company froze withdrawals for Poolin Wallet and Pool Account users due to 'liquidity issues' resulting from a wave of withdrawal demand during that year's crypto crash.