Poolin, One of the Largest Bitcoin Mining Pools, Broken Files

Polin Technology Pte. Ltd., a Singapore-based company that once operated one of the largest Bitcoin mining pools, filed for Chapter 11 bankruptcy on July 22—a US legal process that allows a company to operate under court supervision while it reorganizes or, in this case, sells its remaining assets and shuts down.

The reservationin the US Bankruptcy Court for the District of New Jersey, it buried Poolin along with two US corporations, Lonestar Dream Inc. and Lonestar Taproot LLC. Court documents list the need to reserve assets of more than $100 million versus assets of less than $10 million.

Mining packages allow Bitcoin miners to combine hashrates—the power generators can burn to solve puzzles that add new blocks to the blockchain—so the team receives rewards more often than they could on their own.

Poolin was founded in Beijing in 2017 by Zhibiao “Kevin” Pantogether with Fa Zhu and Tianzhao Li, both former Bitmain mining-hardware developers, and it grew into one of the largest pools in the world. At its peak, the company controlled about a fifth of the network global hashratebefore you start expanding your crypto account with interest through a product called Poolin Wallet.

The problem started in September 2022, when Poolin stopped using Poolin Wallet and Pool Account. The company he said at the time it was “experiencing financial difficulties,” associated with the amount of money needed to be withdrawn during the biggest crypto crash of that year. Instead of making customers whole, Poolin issued IOU tokens as custodians of real Bitcoin, and the loans were never repaid.

These unpaid IOUs are now the largest liens in bankruptcy cases. About 11,700 people with a wallet have a debt of $ 163.7 million, according to a court declaration from Chief Restructuring Officer Michael DuFrayne. Poolin’s Texas mining and hosting operations span Lonestar Dream, complete shutdown on July 10, and the company says it does not intend to reopen.

To recoup his potential, Poolin is selling his two West Texas properties, while Thor CALAP LLC is offering $52 million in horse racing-an opening offer that sets a floor price that other bidders must hit in a court-supervised sale. The coins only work for mining, not cold wallets, and are very small compared to the users’ holdings. The Texas division had already posted about $45.9 million in losses since opening, including $8.8 million in selling equipment at lower prices between fiscal 2023 and 2025.

The recovery of the 11,700 IOU holders now depends largely on what the Texas market brings, three years after the first shutdown.