Poolin Bankruptcy Sale Faces Critical Deadline for Wallet Users

Poolin Technology is moving forward with a Chapter 11 bankruptcy filing that includes the proposed sale of two Texas mining sites for a total of $52 million. These assets, held by subsidiary entities, are currently under contract with buyer Thor CALAP LLC. This sale is a focal point for thousands of wallet users who have been waiting for funds since the company faced a liquidity crisis back in 2022.

The recovery process for creditors remains uncertain because the mining assets and the wallet debts are tied to different parts of the bankruptcy estate. While the sale could bring in millions, the final amount available for customers depends on legal claims, administrative costs, and how the bankruptcy court decides to prioritize payments among creditors.

Time is of the essence as the buyer has the right to cancel the deal if they are not satisfied with their due diligence before August 9. If the deal proceeds, the court will hold a hearing on August 14 to determine the next steps for the bidding process. Observers are watching to see if this sale closes or if competition from other bidders emerges to potentially increase the recovery pool for those owed money.