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Poolin Files for Bankruptcy Owed $164 Million by 11,700 Users

Guavy AI Editorial Team
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BTC
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Bitcoin mining giant Poolin has filed for Chapter 11 bankruptcy in the US Bankruptcy Court for the District of New Jersey, owing 11,700 users $163.7 million.

The company's two Texas affiliates are seeking court approval for asset sales with opening offers worth $52 million, which covers about 31.8% of the IOUs owed to wallet users.

Poolin was once one of Bitcoin's largest mining pools, reaching a hashrate of over 25 EH/s in 2021 and 2022, but its share of the network peaked near 18% around 2020.

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