Poolin, once regarded as the largest bitcoin mining pool, has filed for bankruptcy alongside its two U.S. affiliates, Lonestar Dream and Lonestar Taproot, with estimated liabilities between $100 million and $500 million.
The Singapore-based firm filed for Chapter 11 protection in New Jersey on July 22, with debts of around $173 million.
A $52 million bid from Thor CALAP LLC for Poolin's West Texas mining sites is currently the only meaningful recovery option for creditors owed approximately $173 million.
Poolin was one of the biggest mining pools in bitcoin at its peak, meaning more bitcoin was being mined through Poolin than through any other single pool on earth. Glassnode data shows its share of global hashrate reached roughly 18-20% in 2019.
Users were already complaining about withdrawal delays on Poolin's Telegram channels in late 2022, when the company faced financial difficulties.
Poolin Wallet suspended withdrawals entirely in September 2022, issuing approximately $163.7 million in IOU tokens to around 11,700 customers, which bought the company some time.
Poolin's estimated hashrate share has been effectively zero for a number of years.
