Poolin Bankruptcy and IOU Auction | Business and Finance News

Poolin, once a dominant Bitcoin mining giant, has filed for Chapter 11 bankruptcy, liquidating assets to pay off over $100 million in debts while holding less than $10 million in value. Founded in 2017 by ex-Bitmain engineers, the mining pool once controlled nearly 20% of global Bitcoin hashrate and expanded into crypto lending and wallets—until September 2022, when it froze user withdrawals, issuing IOU tokens instead of cash. Now, it’s auctioning two West Texas mining sites for $52 million, but that barely covers hardware—not the frozen wallet funds. With 11,700 IOU token holders still waiting over three years for their money, recovery hinges entirely on the auction’s success. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/f44f58cd40aca2c5