Poolin Files for Bankruptcy with Estimated Liabilities of Up to $500 Million

Crypto mining pool operator Poolin Technology and its two affiliates have filed for Chapter 11 bankruptcy protection in New Jersey. The estimated liabilities range between $100 million and $500 million, with up to 25,000 creditors.

Pollin listed assets of between $1 million and $10 million, according to court records. The company told the court that it entered Chapter 11 to carry out an orderly sale process intended to preserve value for creditors and other interested parties.

The debtors have designated a stalking horse bidder and set procedures for an auction and the treatment of certain contracts and leases. Qualified bids are due September 8, with a possible auction on September 10, followed by a court hearing on the proposed asset sale on September 18.