Poolin, once one of Bitcoin's largest mining pools, has filed for bankruptcy in Singapore, unable to recover from a liquidity crisis that forced it to freeze user withdrawals in 2022. The company is now auctioning its remaining mining facilities in Texas in an effort to repay roughly 11,700 users who still hold IOUs from the original freeze. The 2022 suspension of withdrawals marked the beginning of the pool's decline, as it struggled to restore normal operations and rebuild trust among affected customers. The bankruptcy filing formalizes the end of a firm that at its peak commanded a significant share of Bitcoin's global hash rate. Proceeds from the asset sales are intended to compensate outstanding creditors, though the extent of recovery for individual users remains unclear as the process moves forward.
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