Poolin Files for US Bankruptcy as Crypto Mining Industry Faces Financial Pressures

Poolin Technology Pte. Ltd., a Singapore-based company that operates the cryptocurrency mining pool Poolin, has filed for Chapter 11 bankruptcy in the United States.

The filing includes two US subsidiaries, Lonestar Dream Inc. and Lonestar Taproot LLC, which have also filed for bankruptcy.

The estimated assets of Poolin Technology are between $1 million and $10 million, while its liabilities range from $100 million to $500 million.

Precision estimates of the number of creditors range from 11,000 to 25,000 people.

Poolin's mining pool business was launched in 2017 by Zhibiao Kevin Pan and others, who were formerly associated with Bitmain's BTC.com mining pool.