Former Bitcoin Mining Giant Poolin Files Chapter 11, Targets $52M Texas Asset Sale
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Former bitcoin mining giant Poolin Technology Pte. Ltd. has filed for Chapter 11 bankruptcy protection. The Singapore-based company seeks to sell its remaining Texas mining operations after shutting them down on July 10.
The filing covers Lonestar Dream Inc. and Lonestar Taproot LLC, with liabilities reaching between $100 million and $500 million. However, Chief Restructuring Officer Michael DuFrayne estimates prepetition obligations at about $173.1 million.
Significantly, customer claims account for roughly $163.7 million of that debt. Poolin issued those unsecured IOUs after suspending wallet withdrawals during the 2022 crypto market crash.
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