Breaking: Former Top Bitcoin Pool Poolin Files Bankruptcy, Plans $52M Assets Sale
Poolin, once the dominant force in global Bitcoin mining, has filed for Chapter 11 bankruptcy protection, capping a four-year collapse that wiped out over 11,700 wallet customers. Singapore-based Poolin Technology Pte. Ltd. and its U.S. affiliates filed voluntary petitions on July 22, 2026, in the U.S. Bankruptcy Court for the District of New Jersey, court documents reveal. The Poolin Chapter 11 filing lists approximately $173.1 million in liabilities against assets estimated in the $1–10 million range, exposing the brutal math behind one of cryptos most dramatic falls from dominance. $173M Debt, $1.2M Cash: How Poolin Went From No. 1 Pool to Bankruptcy Court Founded in China in 2017 by Kevin Pan, Fa Zhu, and Tianzhao Li, Poolin climbed to the top of the Bitcoin mining pool rankings by September 2019, commanding a double-digit share of global hashrate. The firm expanded into a wallet product offering USDT borrowing and interest-bearing deposits, a move that later proved catastrophic. Chinas 2021 mining ban forced Poolin to pivot its operations westward. The company selected two West Texas sites, Pyote and Tarbush, expecting up to 600 MW of power capacity. Reality fell short at 100 MW. Excess equipment purchases compounded losses, and cumulative Texas operating deficits reached approximately $45.9 million. The 2022 crypto