The aftershocks of the 2022 crypto winter are still claiming victims. Poolin, a Singapore-based company that once held the crown as the world's largest Bitcoin mining pool, has officially filed for Chapter 11 bankruptcy protection.
Instead of attempting to restructure and survive, the company is completely winding down its operations and liquidating its massive U.S. assets.

The Bankruptcy Details
The Debt: Poolin filed for bankruptcy in New Jersey on July 22, 2026, revealing massive financial holes. The company holds approximately $173.1 million in pre-bankruptcy liabilities.

The Victims: The darkest part of this filing? Roughly $163.7 million of that debt consists of unsecured IOUs owed to Poolin Wallet users. These are retail customers whose funds have been frozen since Poolin suspended withdrawals during the massive crypto market crash in late 2022.

The Creditors: The filing estimates that between 10,000 and 25,000 creditors are waiting to be made whole.

The Texas Fire Sale
To start paying off this massive debt pile, Poolin is liquidating its physical infrastructure. The firm officially halted all mining operations at its two massive West Texas sites on July 10, retaining just a skeleton crew to secure the properties.

The Stalking-Horse Bid: Poolin has entered an asset purchase agreement with Thor CALAP LLC, which submitted a baseline "stalking-horse" bid of $52 million.

The Breakdown: The bid includes $15 million for the Pyote mining site and $37 million for the Tarbush site (including all associated power rights and equipment).

The AI Premium: Because these sites possess massive energy capacities, the court-supervised auction could potentially attract aggressive counterbids from Artificial Intelligence (AI) and High-Performance Computing (HPC) companies desperate for data center infrastructure.

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MeanReverter

· 07-26 08:48

From the world’s number one mining pool to bankruptcy liquidation, the bubble in the crypto industry has shattered across the floor. The only good news is that the two mining sites in West Texas might be taken over by AI, too—so at least there’s a transition.

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BlueGlassJelly

· 07-26 07:32

Poolin was once full of glory, but now it has fallen so far as to sell its mining facilities to offset debts. Meanwhile, an AI company has picked up a huge bargain—its energy supply and facilities are secured in one step.

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WhaleShadow

· 07-26 07:18

A 170 million yuan shortfall, with retail investors accounting for 160 million—this ratio is outrageous. How did they get users to deposit money back then? What exactly are regulators doing?

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RsiDumbell

· 07-26 07:03

Heartbreaking for those more than twenty thousand creditors—funds have been frozen for nearly four years, and what they get is bankruptcy reorganization. A word of advice: don’t put all your eggs in one basket, and definitely don’t put them in an unreliable mining-pool wallet.

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BubbleTeaWhale

· 07-26 06:41

The bear market has a lot of stamina—almost four years in and it’s still liquidating. Can those retail investors’ money really be recovered?

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