Poolin Technology
Auto-generated score, not yet verified against the scoring model. Under review — treat as indicative, not a verdict.
Summary
Poolin Technology Pte. Ltd., once the world's largest Bitcoin mining pool, halted all mining and hosting operations on July 10, 2026 and filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of New Jersey on July 22, 2026, with roughly $173 million in total obligations against less than $10 million in assets. The largest liability, $163.7 million owed to approximately 11,700 wallet customers as unpaid "IOU" tokens issued after Poolin froze withdrawals in September 2022, is projected to recover only about 32 cents on the dollar through a court-supervised sale of the company's two remaining Texas mining sites, a process still underway as of this writing.
Connected Entities
1 entities- + 2 more
Timeline(12 events)
November 2017
Poolin founded in Beijing by Zhibiao "Kevin" Pan, Fa Zhu, and Tianzhao Li, former BTC.com/Bitmain employees.
Court Denies Bitmain $30M in Damages From Co-Founders of Rival Poolin - CoinDesk2019
Poolin becomes the world's largest Bitcoin mining pool, at one point controlling an estimated 18-20% of global network hashrate; Beijing court finds founders violated non-compete agreements with Bitmain.
CoinDesk / The BlockSeptember 2020
Beijing court denies Bitmain's escalated $30 million damages claim against Poolin's co-founders, instead imposing smaller fines, closing the lawsuit.
CoinDesk2021
China's nationwide ban on cryptocurrency mining forces Poolin to relocate operations, contributing to later financial strain.
The BlockSeptember 2022
Poolin freezes withdrawals for Poolin Wallet and Pool Account users, citing liquidity issues amid the broader 2022 crypto market downturn; begins issuing six types of IOU tokens in place of customer funds.
Wallet Service of Top Bitcoin Mining Pool Poolin Will Issue 'IOU' Tokens After Suspending Withdrawals - CoinDeskApril 2023
CoinDesk reports, then corrects, a CryptoQuant-sourced claim that Poolin moved $150 million in bitcoin to Binance; the transfer is later attributed to a different mining entity (likely AntPool).
A Crypto Mining Firm May Have Moved $150M in Bitcoin, CryptoQuant Says - CoinDeskApril 2024
A Change.org petition demanding CEO Kevin Pan reimburse allegedly stolen user funds is launched by affected customers.
Change.org petitionJuly 2026
Poolin's U.S. subsidiary Lonestar Dream permanently halts all mining and hosting operations at its Pyote and Tarbush, Texas sites.
Bitcoin.com News22 July 2026
Poolin Technology and two U.S. affiliates file voluntary Chapter 11 bankruptcy petitions in the U.S. Bankruptcy Court for the District of New Jersey (lead case No. 26-18325).
CoinDesk / The BlockAugust 2026
Court sets sale-process deadlines: non-binding indications of interest due August 27, Section 341 creditors meeting August 28, qualified bids due September 8, possible auction September 10, sale hearing September 18, objection deadline September 16.
Poolin Auction Set for September 10 as Objection Deadline Bars Late Creditors - CryptoTimesSeptember 2026
Qualified competing bids for the Texas mining assets due September 8; possible auction scheduled for September 10; asset-sale approval hearing scheduled for September 18 before Judge Eamonn J. O'Hagan. Outcome not yet independently confirmed as of this report.
CryptoSlate / CryptoTimesmodel: claude-code-investigator
generated: 9/11/2026, 11:15:09 PM
last updated: 9/11/2026, 11:15:09 PM
avoid.net — verified advice for a post-truth world