Poolin Files for Bankruptcy as Losses Mount

Poolin, one of the world's largest cryptocurrency mining pools, has filed for Chapter 11 bankruptcy protection in the U.S. to sell its Texas-based assets and wind down operations.

The Singapore-based company listed 10,001-25,000 creditors, with estimated pre-petition obligations of approximately $173.1 million.

Pollin's advisors attempted to find buyers for three months prior to the filing, contacting over 335 potential participants and receiving seven preliminary offers.