Woofun AI reports that Poolin and its two US affiliates filed for voluntary Chapter 11 bankruptcy protection in New Jersey on July 22. The filing discloses total liabilities of approximately $173 million, comprising roughly $163.7 million in unsecured IOUs issued to wallet users following the suspension of withdrawals in 2022. Approximately 11,700 users hold balances exceeding $100.

Poolin has entered an asset purchase agreement with Thor CALAP LLC to sell its Texas mining operations for a starting bid of $52 million. This valuation includes $15 million for the Pyote site and $37 million for power rights and equipment at the Tarbush site, which ceased operations on July 10. Poolin indicated that demand for AI infrastructure could enhance the value of these assets, though final recovery depends on court-approved auction results.