Poolin Files for Bankruptcy Amid $173 Million Debt

Poolin, once the world's largest Bitcoin mining pool, has filed for Chapter 11 bankruptcy protection in the United States. The company and two U.S. affiliates submitted bankruptcy filings in New Jersey, citing approximately $173.1 million in total liabilities.

The largest portion of Poolin's debt consists of IOUs issued to customers after the company suspended wallet withdrawals in 2022 due to liquidity issues. At that time, Poolin said it was working to preserve assets and stabilize operations while developing solutions for affected users.

To generate funds for creditors, Poolin plans to auction two mining sites located in West Texas with a combined opening bid of $52 million.