Bitcoin Miner Poolin Files for Bankruptcy Protection
Poolin Technology, a Singapore-based Bitcoin mining pool operator once considered the world's largest, has filed for Chapter 11 bankruptcy protection in the U.S. The company shut down its Texas operations on July 10 and now faces estimated debts of up to $500 million against assets valued at only $10 million. The filing reveals that Poolin owes creditors approximately $173.1 million, including retail investors. Rather than reorganizing, the firm plans to liquidate its mining assets through Chapter 11 proceedings and cease operations entirely. Originally founded in China in 2017, Poolin struggled after relocating following a Bitcoin mining ban there in 2021. The company had borrowed $213 million against crypto collateral valued at the time at $355.8 million but was unable to meet debt obligations as cryptocurrency prices plummeted. This decline has left it insolvent and unable to service customer withdrawals, highlighting broader challenges faced by mining firms amid a bear market.
Topics: bankruptcy Bitcoin crypto mining debt