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Poolin Files Chapter 11 with $173M Debt Amid Crypto Market Downturn

Guavy AI Editorial Team
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Singapore-based Bitcoin mining pool Poolin Technology has filed for Chapter 11 bankruptcy in New Jersey, citing $173 million in debt and $163.7 million in frozen customer IOUs.

The company's financial troubles stem from China's 2021 crypto mining ban, operational challenges in Texas, and crypto market downturns that halted withdrawals in 2022.

Poolin plans to liquidate its West Texas mining facilities through a $52 million asset sale to Thor CALAP LLC, subject to court approval and higher bids.

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