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Poolin files for bankruptcy after liquidity crisis in 2022
The bitcoin mining pool says it has estimated liabilities between $100 million and $500 million and is pursuing a $52 million bid for its West Texas mining sites.
Poolin, a Singapore-based bitcoin mining pool that was once among the largest in the industry, has filed for bankruptcy along with its two U.S. affiliates, Lonestar Dream and Lonestar Taproot, according to CoinDesk.
In its peak years, Poolin controlled about 18% to 20% of global bitcoin hashrate, but a liquidity crisis in 2022 left about 11,700 customers holding roughly $163.7 million in frozen funds, the outlet reports.
CoinDesk says Poolin’s estimated liabilities are between $100 million and $500 million, and that a $52 million bid from Thor CALAP LLC is the only meaningful recovery proposal now on the table for creditors.
The company’s withdrawal issues escalated in September 2022, when Poolin Wallet suspended withdrawals entirely and issued IOU tokens totaling approximately $163.7 million, while broader operational recovery efforts were also slowed by delays in grid connection approvals for a Texas expansion, CoinDesk adds.
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