Crypto
Poolin Technology Files Chapter 11 Amid $173M Debt and Frozen Wallet Funds
Poolin Technology, a Singapore-based Bitcoin mining pool operator, has filed for Chapter 11 bankruptcy in New Jersey to sell its remaining U.S. mining assets and wind down operations.
The company's voluntary petitions were filed on July 22 in the U.S. Bankruptcy Court for the District of New Jersey, listing estimated liabilities between $100 million and $500 million against estimated assets of $1 million to $10 million.
Total debt stands at roughly $173 million, with approximately $163.7 million in unsecured promissory notes issued to wallet customers after the company suspended withdrawals during the 2022 cryptocurrency market downturn.