Poolin Files for Bankruptcy Amid $173.1 Million Asset Liabilities

Poolin, once one of the largest Bitcoin mining pools globally, has declared Chapter 11 bankruptcy in the United States. The parent company and its US subsidiaries are seeking a court-supervised liquidation of their remaining assets, primarily focusing on their mining infrastructure in Texas.

The company's financial struggles began during the cryptocurrency bear market in 2022, when it suspended withdrawals for Poolin Wallet users, rendering them unsecured creditors with approximately $163.7 million in outstanding debts.

Poolin's wallet business was its main source of financial burdens, allowing users to deposit cryptocurrency and borrow USDT against collateral during the boom. However, after borrowing $213 million from Antalpha Technologies, Poolin suffered enormous losses when Antalpha liquidated the collateral in late 2022 as prices fell.

Despite attempting to sell its Texas operations to China Green Agriculture for $49 million, the deal never materialized. The company has now put its remaining assets up for auction, with the outcome contingent upon the amount recovered for Poolin Wallet users.