Poolin bitcoin mining pool operator files for bankruptcy

Poolin Technology, once among the largest bitcoin mining pools in the world, has filed for bankruptcy, listing more than $100 million in debts against less than $10 million in assets.The largest liability by far is the $163.7 million owed to roughly 11,700 people who had money in Poolin Wallet when the company froze withdrawals in September 2022, citing "some liquidity issues" during that year's crash. Instead of returning their bitcoin, Poolin handed them IOU tokens, which it never redeemed.Poolin was founded in Beijing in 2017 and in better days accounted for almost a fifth of the bitcoin network's hashrate. Chapter 11 voluntary petition filed by Poolin Technology "Poolin, Once One of Bitcoin's Biggest Mining Pools, Files for Bankruptcy" , Decrypt