Former bitcoin miner Poolin files Chapter 11, sets $52 million floor bid for Texas operations
Quick TakePoolin Technology filed for Chapter 11 bankruptcy and is seeking court approval to sell Texas mining assets through a $52 million stalking-horse bid.The debtors reported approximately $173.1 million in prepetition obligations, including about $163.7 million in unsecured IOUs issued after Poolin Wallet suspended customer withdrawals in 2022. Poolin Technology Pte. Ltd., the Singapore-based parent company of what was once one of the worlds largest bitcoin mining pools, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of New Jersey after its Texas bitcoin mining and hosting operations ceased activity on July 10. The filing includes two U.S. affiliates, Lonestar Dream Inc. and Lonestar Taproot LLC. Poolins petition lists estimated creditors between 10,001 and 25,000, assets between $1 million and $10 million, and liabilities between $100 million and $500 million. In a declaration accompanying the filing, Chief Restructuring Officer Michael DuFrayne placed the debtors prepetition obligations at approximately $173.1 million. Roughly $163.7 million of that amount consists of unsecured IOUs issued to Poolin Wallet customers following the companys suspension of withdrawals during the 2022 cryptocurrency market downturn. Around 11,700 retail users held frozen IOUs exceeding $100 each when the suspension began, according to the filing. Rather than pursuing a