World’s Former Top Bitcoin Mining Pool Poolin Files Chapter 11
Poolin, once the world's largest Bitcoin mining pool, filed for Chapter 11 bankruptcy protection on July 22 in New Jersey. The petition lists liabilities between $100 million and $500 million against assets of no more than $10 million.
The Singapore-based company wants a court-supervised sale of its West Texas sites rather than a reorganization. A $52 million stalking-horse bid from Thor CALAP LLC sets the auction floor.
Inside the Poolin Chapter 11 Filing
Poolin filed alongside its US affiliates, Lonestar Dream and Lonestar Taproot. The units stopped mining at their Pyote and Tarbush sites on July 10.
A declaration from Chief Restructuring Officer Michael DuFrayne puts prepetition obligations at roughly $173.1 million. About $163.7 million of that consists of IOUs issued to Poolin Wallet customers. The company froze withdrawals in September 2022, affecting around 11,700 users with balances above $100.
Founded in China in 2017, Poolin ranked as the world's top mining pool by September 2019. China's 2021 mining ban and the 2022 market crash broke its lending-heavy business model.
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