Bitcoin Mining Giant Poolin Files for Bankruptcy in Singapore

Poolin, once a major force in Bitcoin mining, has officially filed for bankruptcy liquidation in Singapore. The company struggled for years after freezing user withdrawals back in 2022, and it never managed to bounce back from that severe cash crunch. Court filings show the platform is now taking steps to wind down its operations completely.

As part of the bankruptcy process, the team is auctioning off its remaining Texas mining sites. The proceeds from these sales will go toward paying back roughly 11,700 users who have been stuck holding IOUs for years. This marks a sad end for a pool that used to process a massive chunk of all global Bitcoin blocks.

For the broader mining sector, this serves as another reminder of the heavy toll taken by past market crashes and rising operational costs. Traders and miners should watch how the asset liquidation unfolds and whether affected users finally see a fair recovery of their trapped funds.