Poolin Technology files Chapter 11, owes $163.7 million to wallet users

Poolin Technology and several affiliated entities filed for Chapter 11 bankruptcy on July 22, acknowledging a debt of about $163.7 million to users of its cryptocurrency wallet. The filing lists roughly 11,700 users with balances over $100 who hold IOUs issued during the 2022 liquidity crisis.

The company is also seeking to sell assets in West Texas valued at roughly $52 million. Buyer Thor CALAP LLC has agreed to pay $37 million in cash for one tranche, with a due‑diligence deadline of August 9 that could allow it to withdraw if the review is unsatisfactory. The assets are held by Lonestar Dream and Lonestar Taproot, which stopped mining operations on July 10. Court hearings on the asset sale are scheduled for mid‑August, and the ultimate recovery rate for creditors remains uncertain.