Cryptocurrency miner Poolin files Chapter 11 bankruptcy to sell Texas assets amid $173M debt.

Poolin, a cryptocurrency mining pool operator, has filed for Chapter 11 bankruptcy in the US to sell its Texas mining facilities and wind down operations. The company and its US subsidiaries face liabilities estimated between $100 million and $500 million, with assets valued at $1 million to $10 million. Most of the debt relates to unsecured IOUs issued to Poolin Wallet users after withdrawal suspensions in 2022. The bankruptcy aims for a court-supervised sale of assets, including two Texas sites with bids totaling $52 million, targeting buyers interested in AI and high-performance computing infrastructure. The outcome will affect unsecured creditors, including wallet holders, depending on auction results and court approval. Source: https://pluang.com/en/news-feed/poolin-bitcoin-mulai-pailit-chapter-11