Poolin Technology filed Chapter 11 in New Jersey bankruptcy court on July 22, with $163.7 million in IOUs owed to roughly 11,700 wallet holders carrying balances above $100. Signed offers for Texas mining assets total $52 million, representing 31.8% of the IOUs before deducting fees, liens and estate allocations. Poolin suspended payouts in September 2022 when Bitcoin fell below $20,000, triggering a liquidity crunch tied to loans secured by digital assets. The company, which peaked at 25 EH/s hashrate in 2021-2022, saw its network share climb to nearly 18% around 2020. Bid proposals are set for review at a hearing scheduled July 27, with a potential auction on September 10 and a closing deadline of November 30.
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