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Poolin Files for Bankruptcy: Once the World's #1 Bitcoin Mining Pool
Poolin filed Chapter 11 on July 22, 2026 in New Jersey.
✅ Total debt: $173.1M
✅ $163.7M owed to 11,700 wallet users frozen since 2022
✅ Cash left: just $1.2M
✅ Texas sites (Pyote + Tarbush) auctioning at $52M floor bid
✅ Mining stopped fully on July 10, 2026
That $52M covers only ~30% of debts, before fees. Real recovery will be much lower. This is a liquidation, not a rescue.
Why it died: Poolin paid 2%–8.8% yields using customer crypto as collateral. $BTC broke $20K in June 2022 → margin calls → withdrawals frozen. From #1 pool to 0.2% market share.
Lesson: If a platform pays you yield, someone is leveraging your coins. Not your keys, not your coins.
@officialpoolin