Poolin, once one of the world's largest Bitcoin mining pools, filed for Chapter 11 bankruptcy protection on July 22 in the U.S. Bankruptcy Court for the District of New Jersey. The Singapore-based company and its American affiliates listed more than 11,700 wallet customers who are now creditors in the case.
What triggered the filing
Poolin had been struggling since September 2022, when it paused withdrawals and halted mining pool services, citing a liquidity crunch. The company later resumed some operations but never fully recovered. The Chapter 11 petition gives it breathing room to restructure while protecting it from creditor lawsuits.
The asset sale plan
As part of the bankruptcy process, Poolin intends to sell roughly $52 million in assets. The company hasn't disclosed a detailed breakdown of those assets yet, but they likely include mining hardware, real estate, and cryptocurrency holdings. Court documents show the firm owes money to thousands of wallet users who had funds stuck on the platform.
What users face now
For the 11,700-plus customers whose assets were frozen on Poolin's platform, the bankruptcy means they'll have to file claims to recover whatever they can. The process will be overseen by the New Jersey bankruptcy court. Poolin's U.S. arm had already been dealing with a class-action lawsuit from users who couldn't access their funds.
The case is still in its early stages. A creditors' meeting and a hearing on the sale process are expected in the coming weeks. Whether Poolin's remaining assets will be enough to cover customer losses remains an open question.
