Poolin Files for Bankruptcy Amid Unpaid Crypto Debts
Poolin Technology Pte. Ltd., once one of the largest Bitcoin mining pools, has filed for Chapter 11 bankruptcy in New Jersey on July 22, 2026. The company and its U.S.-based affiliates are seeking to sell off assets after accumulating over $100 million in liabilities against less than $10 million in remaining assets. The firm froze withdrawals from its Poolin Wallet service in September 2022 during the broader crypto market crash, citing liquidity issues. Instead of repaying users, it issued IOU tokens that remain unpaid to this day. Over 11,700 wallet holders are owed $163.7 million through these unresolved debts. Poolin is auctioning its Texas mining operations with a minimum bid set at $52 million by Thor CALAP LLC. However, the proceeds from asset sales will not cover frozen balances or outstanding liabilities. The company has already reported significant losses in its U.S. operations and does not plan to resume any activities.
Topics: bankruptcy Bitcoin crypto crash mining pools