Poolin Files Chapter 11 Bankruptcy Amid $100M-$500M Debt
Poolin, a prominent cryptocurrency mining pool operator, has filed for Chapter 11 bankruptcy in the US to liquidate its assets and settle debts. The company's Texas-based mining facilities are up for sale, with bids totaling $52 million from interested buyers looking to acquire AI and high-performance computing infrastructure.
The estimated liabilities of Poolin and its US subsidiaries range between $100 million and $500 million, while their assets are valued at $1 million to $10 million. The bulk of the debt stems from unsecured IOUs issued to Poolin Wallet users following withdrawal suspensions in 2022.
The bankruptcy process aims for a court-supervised sale of Poolin's assets, which will impact unsecured creditors, including wallet holders, depending on the auction results and court approval. The outcome is uncertain, leaving the future of these creditors in limbo.