Poolin's Bitcoin Mining Empire Crashes Amid $173M Debt

Poolin, once the top Bitcoin mining pool, has filed for Chapter 11 bankruptcy protection. The Singapore-based company and its US affiliates submitted voluntary petitions on July 22, 2026, in the U.S. Bankruptcy Court for the District of New Jersey.

The filing lists approximately $173.1 million in liabilities against assets estimated in the $1-10 million range, highlighting the brutal math behind Poolin's collapse.

Poolin expanded into a wallet product offering USDT borrowing and interest-bearing deposits, but this move proved catastrophic. The company's 2022 crypto winter forced it to suspend withdrawals, freezing customer funds and issuing IOUs to around 11,700 Poolin Wallet customers.