Poolin Files for Bankruptcy Amid Struggling Bitcoin Mining Business

Poolin, once the dominant force in Bitcoin mining, has filed for Chapter 11 bankruptcy protection. The Singapore-based firm's estimated liabilities range between $100 million and $500 million.

The company's woes began in late 2022, when users reported withdrawal delays on Poolin's Telegram channels. Co-founder Kevin Pan acknowledged that the company was facing liquidity problems at the time.

Pan had bet on a Texas mining expansion to rebuild the business, but the project stalled due to delayed grid connection approvals.