Poolin, once one of the world’s largest Bitcoin mining pools, has declared Chapter 11 bankruptcy in the United States. The filings reveal total pre-bankruptcy obligations of approximately $173.1 million, of which $163.7 million represents unsecured debts owed to Poolin Wallet users following the 2022 withdrawal freeze. The company’s financial troubles stemmed primarily from its wallet business rather than mining operations, as it had allowed users to deposit cryptocurrency and borrow USDT. After borrowing $213 million against cryptocurrency collateral from Antalpha Technologies, Poolin suffered massive losses when the collateral was liquidated during the 2022 market crash. The company subsequently closed its Texas mining sites on July 10 and is now seeking to sell remaining assets to partially repay creditors.
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