Poolin's Bitcoin Mining Empire Crashes Amid Crypto Market Woes
Poolin Technology Pte. Ltd., the Singapore-registered company behind one of the world's largest Bitcoin mining pools, has filed for Chapter 11 bankruptcy protection in the United States.
The move follows the cessation of Poolin's Bitcoin mining and hosting facilities in Texas on July 10, according to court documents.
The filing estimates that Poolin has between 10,001 and 25,000 creditors, assets worth between $1 million and $10 million, and liabilities ranging from $100 million to $500 million.
Chief Restructuring Officer Michael DuFrayne stated that the companies had approximately $173.1 million in liabilities before filing for bankruptcy, with around $163.7 million of that amount consisting of unsecured IOUs issued to Poolin Wallet customers.