Poolin Files Chapter 11 Bankruptcy And Plans $52 Million Sale Of Texas Bitcoin Mining Sites
Poolin filed for Chapter 11 bankruptcy protection in New Jersey and plans to sell two West Texas mining sites with a combined opening bid of $52 million. Court filings set the cryptocurrency company’s total debt at approximately $173.1 million.
The majority of that debt consists of $163.7 million in frozen IOUs issued to more than 11,000 retail customers after a withdrawal suspension in 2022, with broader liabilities estimated between $100 million and $500 million. Creditor payouts from the Texas asset auction will require final court approval.
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@wublockchainFormer No. 1 Bitcoin Mining Pool Poolin Files for Chapter 11 Poolin and two U.S. affiliates have filed for Chapter 11 bankruptcy protection in New Jersey and plan to sell two West Texas mining sites with a combined opening bid of USD 52 mi
@theblockcoTHE BLOCK: Poolin, once the world's largest bitcoin mining pool, files Chapter 11 with $52M stalking-horse bid for its Texas operations. Over 11,000 retail users hold ~$163.7M in frozen IOUs from a 2022 withdrawal freeze, while liabilities