Poolin Technology and its US affiliates have filed for Chapter 11 bankruptcy protection in New Jersey, beginning a court-supervised wind-down built around a proposed sale of two West Texas mining sites. The filing also brings renewed focus to the company’s unresolved customer liabilities after Poolin Wallet withdrawals were frozen in 2022.

Chapter 11 filing and proposed sale

The bankruptcy case was filed on July 22, 2026, in the US Bankruptcy Court for the District of New Jersey. The filing covers Poolin Technology PTE. Ltd. and its US affiliates. At the center of the process is a $52 million stalking-horse bid from Thor CALAP LLC for the Pyote and Tarbush mining operations in West Texas.

That bid establishes a baseline for any asset sale process tied to the sites. While a new owner could potentially continue operating the facilities if the economics support it, the filing points primarily to an orderly wind-down rather than an attempt to return the business to normal operations.

Liabilities dominated by wallet user claims

Poolin lists $173.1 million in prepetition liabilities. Most of that amount, $163.7 million, consists of unsecured IOUs owed to around 11,700 Poolin Wallet users. Those balances stem from the 2022 freeze on withdrawals, an issue that continues to shape the company’s financial position years later.

The scale of those unsecured claims stands out against the proposed sale value. Even with a stalking-horse offer in place, the company’s liabilities are far larger than the opening bid for the mining assets, leaving the outlook for creditor recovery uncertain.

Why unsecured creditors face the most pressure

The case underscores how bankruptcy can become the venue for resolving crypto-era customer freezes long after the initial crisis has passed. In Poolin’s case, the user IOUs appear to be the most difficult part of the estate because unsecured creditors typically bear the greatest risk when available asset value falls well short of total claims.

The wind-down is intended to preserve whatever value remains and distribute proceeds according to legal priorities. But based on the filing and the structure of the proposed sale, the process is not being framed as a restructuring designed to restore Poolin as a going concern.

A post-cycle cleanup in crypto

Poolin’s filing fits into a broader pattern of post-cycle fallout across the crypto sector, where distressed mining infrastructure, frozen customer balances, and creditor claims are still working their way through formal insolvency proceedings. The planned sale of the Texas facilities may determine how much value can ultimately be recovered from the company’s operating assets, but the gap between the stalking-horse bid and total liabilities shows why the case is likely to be closely watched by affected users and other creditors.

In that sense, the bankruptcy is both an asset-sale process and a delayed reckoning for obligations left behind from the previous market cycle. Whether the mining sites continue under new ownership or are simply liquidated as part of the wind-down, the central issue remains the same: how far a limited asset pool can go in addressing much larger outstanding claims.

Source: www.newsbtc.com