Bitcoin Miner Poolin Files Bankruptcy, Seeks $52M Texas Asset Sale
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Singapore-based Bitcoin miner Poolin filed for Chapter 11 bankruptcy in New Jersey on July 22, including US affiliates Lonestar Dream Inc. and Lonestar Taproot LLC, and is seeking court approval to sell Texas mining properties for $52 million. The filing follows Poolin's move nearly four years ago to freeze customer withdrawals and issue IOU tokens, leaving thousands of creditors in a long-running dispute and highlighting crypto security and counterparty risk for miners and token holders.
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Singapore-based Bitcoin mining company Poolin on July 22 filed for Chapter 11 bankruptcy protection in New Jersey, alongside its US affiliates Lonestar Dream Inc. and Lonestar Taproot LLC. The firm is also looking for court approval for a $52 million sale of its Texas mining properties.
The bankruptcy filing comes nearly four years after Poolin froze customer withdrawals, leaving thousands of wallet users with IOU tokens and turning a mining business failure into a long-running creditor dispute.
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