Poolin Files Chapter 11, Seeks $52M Sale of Idle Texas Mining Assets

Poolin Technology Pte. Ltd., a former bitcoin mining giant, has filed for Chapter 11 bankruptcy protection in New Jersey to liquidate its idle Texas mining assets.

The Singapore-based company shut down its operations on July 10 and seeks to sell the remaining assets after filing for bankruptcy.

The Chapter 11 filing covers Lonestar Dream Inc. and Lonestar Taproot LLC, with liabilities ranging between $100 million and $500 million. However, Chief Restructuring Officer Michael DuFrayne estimates prepetition obligations at about $173.1 million.

Customer claims account for roughly $163.7 million of that debt, which was issued as unsecured IOUs after suspending wallet withdrawals during the 2022 crypto market crash.