Poolin Seeks $52M Sale as Bankruptcy Filing Reveals Millions in IOU Debt
Singapore-based Bitcoin mining company Poolin has filed for Chapter 11 bankruptcy protection in New Jersey, along with its US affiliates Lonestar Dream Inc. and Lonestar Taproot LLC.
The firm is seeking court approval to sell its Texas mining properties for $52 million as part of its restructuring plan.
Poolin's financial troubles stem from a 2022 market crash, when it froze customer withdrawals, leaving thousands of wallet users with IOU tokens worth around $163.7 million.