Bitcoin Mining Pool Poolin Files for Chapter 11 Bankruptcy With $173.1M in Liabilities on July 22

According to BlockBeats, Poolin Technology Pte. Ltd. and its two U.S. subsidiaries, Lonestar Dream and Lonestar Taproot, filed for Chapter 11 bankruptcy protection on July 22 in New Jersey. Court documents show total liabilities of approximately $173.1 million against assets of less than $10 million, with creditors numbering between 10,000 and 25,000.

The largest single debt, approximately $163.7 million, stems from claims by roughly 11,700 Poolin Wallet users. This obligation originated in September 2022 when the firm misappropriated user assets during a market crash, subsequently froze wallets, and replaced actual Bitcoin repayments with IOU tokens—a debt remaining unsettled for three years.