Poolin Technology and its affiliates filed for Chapter 11 protection on July 22 in New Jersey. The Singapore-based firm owes approximately $163.7 million in IOUs to about 11,700 wallet users. It is seeking to sell its remaining Texas mining assets under court supervision.
Poolin Technology Pte. Ltd., Lonestar Taproot LLC and Lonestar Dream Inc. submitted voluntary petitions to the US Bankruptcy Court for the District of New Jersey under case 26-18325. The filings list $163.7 million in unsecured wallet-holder claims and total liabilities between $100 million and $500 million across the entities.
The debtors have secured $52 million in opening bids from Thor CALAP LLC for two West Texas mining sites. These offers represent the primary recovery source for creditors, though final amounts will depend on liens, bankruptcy costs and court allocations.
The company suspended withdrawals in September 2022 after a liquidity crisis tied to falling Bitcoin prices and collateral calls. It issued IOUs to users and later ceased ordinary operations while recording cumulative losses on its Texas expansion.
A first-day hearing is scheduled for July 27. The proposed sale process includes deadlines for qualified bids in September and a potential closing by November 30 if approved.
