Poolin Technology Files for Chapter 11 Amid $173M Debt and Frozen IOUs
Poolin Technology, a Singapore-based Bitcoin mining pool operator, has filed for Chapter 11 bankruptcy in New Jersey. The company and its U.S. affiliates filed voluntary petitions on July 22 in the U.S. Bankruptcy Court for the District of New Jersey.
The filing reflects broader crypto industry strains, leaving around 11,700 wallet holders with $163.7 million in frozen IOUs. Poolin plans to liquidate its West Texas mining infrastructure through a $52 million floor bid with Thor CALAP LLC.
The company's financial distress dates back to China's May 2021 ban on cryptocurrency mining, which disrupted Poolin's legacy operations. Subsequent attempts to pivot toward mining infrastructure in West Texas were hindered by lower-than-expected power allocations and equipment overorders.