Poolin Files for Bankruptcy Amid $163M IOU Debt to Miners

Poolin Technology Pte. Ltd., the Singapore-based company behind one of Bitcoin's largest mining pools, has filed for Chapter 11 bankruptcy in the US Bankruptcy Court for the District of New Jersey.

The filing covers Poolin alongside two U.S. affiliates, Lonestar Dream Inc. and Lonestar Taproot LLC, with court documents listing prepetition obligations of more than $100 million against less than $10 million in assets.

Poolin's largest single debt is $163.7 million, owed to approximately 11,700 users who were frozen out of their withdrawals in September 2022 due to liquidity issues.

The company had attempted to address the issue by issuing IOU tokens as placeholders for real Bitcoin, but those debts never got repaid.