On 2 October 2026, the bankruptcy court in New Jersey approved the sale of Poolin’s Texas mining assets to Hut 8 affiliates for up to $180 million. Read the sale order.
No creditor payout amount has been confirmed. No payout date has been set.
Below: what the case covers, how Poolin got here, what the sale means for creditors, and your options — including the choice to sell your Poolin claim for an agreed amount instead of waiting for distributions.
Poolin bankruptcy at a glance
| Case detail | Status |
|---|---|
| Debtors | Poolin Technology Pte. Ltd. (Singapore), Lonestar Dream, Inc. and Lonestar Taproot LLC |
| Court | U.S. Bankruptcy Court for the District of New Jersey |
| Case number | 26-18325 (jointly administered) |
| Filed | 22 July 2026, Chapter 11 |
| Claims agent | Kurtzman Carson Consultants LLC, d/b/a Verita Global |
| Creditors’ committee | Official Committee of Unsecured Creditors appointed on 12 August 2026 |
| Texas asset sale | Sale to Hut 8 affiliates approved on 2 October 2026 for up to $180 million; approval does not confirm closing |
| General claims deadline | No bar date has been set. |
Sources: first-day declaration, 4 September schedules, committee appointment and 2 October sale order.
Poolin debt figures by source
| Source | Figure | What it measures |
|---|---|---|
| first-day declaration | $163.7M | Wallet IOUs; roughly 11,700 holders had balances over $100 when IOUs were issued |
| first-day declaration | $173.1M | Total pre-filing obligations, including Wallet IOUs |
| 4 September schedules | $170.8M | Poolin Technology’s nonpriority unsecured claims in the schedules filed on 4 September 2026 |
Figures are approximate. These figures measure different categories of debt and are not additive. They are not confirmed payout amounts.
How Poolin got here
Poolin was once one of the largest bitcoin mining pools, and miners kept rewards in Poolin Wallet. According to the company’s first-day declaration, crypto held for Wallet users was pledged to institutional lenders as collateral for USDT loans.
In summer 2022, Poolin pledged about $355.8 million of digital assets to Antalpha and borrowed about $213 million. The money funded U.S. mining operations, mining machines and ordinary expenses.
In early September 2022, Poolin suspended withdrawals. It announced that Wallet balances would be replaced from 15 September with IOU tokens on a 1:1 basis in six assets: BTC, ETH, USDT, LTC, ZEC and DOGE. That token exchange should not be confused with the later bankruptcy valuation of claims. CoinDesk reported the IOU announcement.
In November 2022, Antalpha liquidated collateral of about $265 million against about $260 million owed. The declaration states that Poolin shut down operations and has not operated in the ordinary course since 2022. Wallet holders brought legal claims in the United States and Singapore.
On 22 July 2026, Poolin and two U.S. affiliates filed for Chapter 11 to sell the remaining Texas assets under court supervision.
Poolin IOU tokens (IOUBTC): what they are worth now
IOUBTC and IOUETH are Ethereum ERC-20 tokens recording Poolin’s obligations for frozen BTC and ETH balances. The 1:1 conversion announced for 15 September 2022 recorded the coin amount owed; it did not repay the original coins. Poolin’s IOU announcement
There is no confirmed cash redemption value for these IOUs. They are not categorically untradeable: Poolin’s 29 September 2022 announcement allowed token transfers and Uniswap swaps. A sale needs a willing buyer and available liquidity; the announcement does not establish a current market price or guarantee redemption. Poolin’s transfer and swap announcement
The bankruptcy claim is separate from a token’s trading price. Under 11 U.S.C. § 502(b), claims are generally valued in U.S. dollars as of the petition date, here 22 July 2026. One IOUBTC does not guarantee payment of one BTC or today’s BTC price; the allowed claim and recovery depend on the claims process and court orders. 11 U.S.C. § 502(b)
Where the Poolin case stands: the Hut 8 sale
The 2 October sale order approved asset purchase agreements with Hut 8 affiliates Raptor Basin LLC and Mesquite Falcon LLC. The aggregate price is up to $180 million: $100 million payable at the sale closings, plus up to $80 million in conditional milestone payments. The additional payments depend on future transactions involving the acquired sites and power rights.
The court reopened bidding, but no other bidder submitted a bid by the new deadline. The planned 2 October auction therefore did not proceed; the court held the sale approval hearing instead. Closing has not been confirmed in the filings reviewed for this update.
Case timeline
| Date | Event |
|---|---|
| 7 October 2026 | Debtors seek procedures to sell or dispose of remaining equipment, including transformers and dry coolers. The motion is scheduled for a hearing on 10 November; it is a request, not an approval. |
| 2 October 2026 | Court approves the sale to Hut 8 affiliates for up to $180 million: $100 million at closing plus up to $80 million contingent. The planned further auction does not proceed because no competing bid is received. |
| 30 September 2026 | Supplemental bidding procedures reopen bidding, with new bids due on 1 October and a further auction and sale hearing scheduled for 2 October. |
| 23 September 2026 | Hut 8 signs a $140 million deal after negotiations with the initial winning bidder stall. The later approved deal has different terms. |
| 10 September 2026 | Auction selects Thor CALAP’s bid. Negotiations later stall over the deposit, other terms and closing timing. |
| 4 September 2026 | Poolin Technology files schedules of assets and liabilities, including about $170.8 million of nonpriority unsecured claims. |
| 12 August 2026 | Official Committee of Unsecured Creditors appointed. |
| 22 July 2026 | Chapter 11 cases filed in New Jersey, with an initial $52 million stalking-horse bid for the Texas assets. |
| November 2022 | Antalpha liquidates collateral; Poolin shuts down operations. |
| 15 September 2022 | Announced start of the 1:1 replacement of frozen Wallet balances with IOU tokens. |
| Early September 2022 | Withdrawals suspended. |
The auction history is documented in the sale order and The Energy Mag’s 30 September report.
Why $180 million is not what creditors receive
The headline price is not a payout figure. Several factors determine how much reaches Wallet holders:
- The sales must close. The $100 million is closing consideration. The remaining $80 million is conditional and may not be paid in full.
- Costs and priority claims reduce proceeds. Sale costs, approved professional fees and other claims with priority must be addressed before distributions to general unsecured creditors.
- Value must reach the correct estate. Wallet IOUs are obligations of Poolin Technology Pte. Ltd. in Singapore. The Texas assets belong to U.S. affiliates. Poolin Technology’s intercompany receivable is a key route by which value may reach its creditors.
- Wallet holders share with other creditors. Wallet IOUs form part of Poolin’s total obligations. The debt figures table above separates IOUs, total pre-filing obligations and scheduled nonpriority unsecured claims.
The allowed claims, available proceeds and distribution arrangements still need to be resolved. The sale price alone cannot establish a reliable recovery percentage.
What the Poolin bankruptcy means for Wallet holders
Poolin Wallet IOU holders generally have unsecured claims against Poolin Technology Pte. Ltd. Recovery depends on asset realizations, costs, claim treatment and how value moves between the separate debtor estates.
How your claim is valued
The general rule under 11 U.S.C. § 502(b) is to determine a claim in U.S. dollars as of the bankruptcy filing date — here, 22 July 2026. A later rise in BTC or ETH does not automatically increase the allowed dollar claim. No final court-approved coin-price schedule has been set for Wallet IOUs; the treatment of an individual claim remains subject to the case’s claims process and court orders.
Claims process and deadline
- Check how your balance is recorded in the schedules on the Verita Global case site. Under Bankruptcy Rule 3003, creditors whose claims are omitted or listed as disputed, contingent or unliquidated must file a proof of claim. Follow the court’s notices and deadlines.
- Keep your Wallet account ID, IOU balances by coin, screenshots and emails from Poolin.
- The Official Committee of Unsecured Creditors represents unsecured creditors collectively, including Wallet holders. Its approved professional fees are paid from estate funds.
What is in the estate
The first-day declaration identified about $1.2 million in a New Jersey bank deposit, an office lease and an intercompany claim for Poolin Technology. Its later 4 September schedules report about $114.3 million in total assets: approximately $1.5 million in deposits and $112.8 million in intercompany and lending balances. The latter includes an $81.8 million receivable from Lonestar Dream.
These are scheduled values, not cash available for distribution, and collectability may differ. They also must not be added to the Texas sale price as though they were wholly separate recoveries: collecting an intercompany receivable can depend on value held by the U.S. affiliate.
The 7 October motion identifies additional equipment outside the main asset sale, including transformers in Texas and dry coolers stored in China. It seeks procedures to realize value from these remaining assets; the requested procedures have not been approved.
How long it can take
No distribution date has been confirmed. For context, Celsius began distributions in early 2024, about 18 months after filing in July 2022. FTX’s initial Convenience Class distributions began in February 2025 (FTX payment update), about 27 months after its November 2022 filing. These are historical comparisons, not a forecast for Poolin. Poolin’s timing depends on its own asset sales, claims process and court proceedings.
Main risks
- The asset sales fail to close or close late.
- Some or all of the contingent $80 million is never paid.
- Professional fees, other costs and priority claims reduce the amount available.
- Disputes over claim amounts, valuation or intercompany claims delay distributions.
Your options: wait for distributions or sell your claim
Wallet holders can keep the claim and wait for distributions, or sell their Poolin claim for a fixed price.
| Consideration | Hold the claim | Sell the claim |
|---|---|---|
| When you get money | When distributions occur; no date is confirmed | After the agreed checks, signing and closing conditions are completed |
| How much | An unknown recovery after costs | A fixed price agreed in advance, generally at a discount to face value |
| Risk | You carry recovery, cost, timing and dispute risk | The buyer takes the agreed claim’s future recovery risk; your contractual obligations still apply |
| Upside | You keep any recovery on the claim | You give up future recovery on the portion sold |
| Paperwork | Follow the case and file a proof of claim if required | Complete verification and sign the assignment; transfer notice is filed when required |
Selling can suit holders who need liquidity, prefer a known amount or do not want to follow a case that may take years. Holding can suit those who can wait and accept an uncertain outcome.
How selling to Paxtibi works
- Get Your Poolin Claim Price. Send your Poolin account email and IOU tokens and amounts for a free evaluation.
- Accept Our Offer. Our offer is valid for 48 hours. Accept by email to proceed.
- Complete KYC Verification. Verify your identity with Sumsub and provide claim documents and payment preferences.
- Sign the Digital Contract. Sign the assignment agreement via DocuSign to transfer the agreed portion of your claim.
- Receive Payment. Receive the agreed amount after KYC and signing.
Full details and answers to common questions are on the Sell your Poolin claim page, including how to verify that you are dealing with Paxtibi. Bankruptcy claim transfers are subject to Rule 3001(e) and applicable court procedures.
Poolin bankruptcy FAQ
Is Poolin bankrupt?
Yes. On 22 July 2026, Poolin Technology Pte. Ltd. and two U.S. affiliates filed for Chapter 11 in the U.S. Bankruptcy Court for the District of New Jersey, case No. 26-18325.
How much does Poolin owe Wallet holders?
Wallet IOUs form part of Poolin’s total obligations. The debt figures table above separates IOUs, total pre-filing obligations and scheduled nonpriority unsecured claims.
Who is buying Poolin’s Texas mining assets?
Hut 8 affiliates Raptor Basin LLC and Mesquite Falcon LLC. The court approved the sale on 2 October 2026 for up to $180 million: $100 million at closing plus up to $80 million in conditional milestone payments. Approval does not itself confirm that the sales have closed.
When will Poolin creditors be paid?
No payout date has been set. Payment depends on asset sales, costs, allowed claims and the arrangements for distributing proceeds.
Do I need to file a claim?
Check your entry in the schedules on the Verita Global case site. Under Bankruptcy Rule 3003, a creditor whose claim is omitted or listed as disputed, contingent or unliquidated must file a proof of claim. No bar date has been set. Follow current court notices and get advice if your balance or claim status is unclear.
What are Poolin IOU tokens?
Poolin announced a 1:1 replacement of frozen Wallet balances with IOU tokens from 15 September 2022 in BTC, ETH, USDT, LTC, ZEC and DOGE. The tokens record obligations to holders; the claims process determines how those obligations are treated in bankruptcy.
Will I be paid in crypto or in dollars?
The general bankruptcy valuation rule determines claims in U.S. dollars as of the filing date, 22 July 2026. That does not determine the payment method. The form of any estate distribution will be decided in the case.
Can I sell my Poolin claim?
Yes. U.S. bankruptcy claims can be transferred, subject to applicable procedures and the transfer agreement. Paxtibi reviews and buys Poolin Wallet IOU claims. See Sell your Poolin claim for an offer and the steps involved.
Can I still withdraw from Poolin Wallet?
No. The original Wallet balances frozen in September 2022 cannot be withdrawn as the underlying crypto. Poolin suspended withdrawals on 5 September 2022. Recovery from Poolin now runs through the bankruptcy process; selling a claim is a separate option, not a Wallet withdrawal. Poolin’s withdrawal suspension · First-day declaration · Poolin: Chapter 11 case information and security notice, 27 July 2026
Did a Singapore court order Poolin to repay everyone?
No. CoinDesk’s 6 January 2023 report describes an emergency arbitration order for Poolin to return about 88 BTC to one claimant, Li Bei. This was an individual arbitration case, not a court order to repay every Wallet holder. The report also said the order still required arbitration tribunal approval. CoinDesk’s report on the individual arbitration
Sources
- First-day declaration, Doc. 2, 22 July 2026
- Poolin Technology schedules, Doc. 202, 4 September 2026
- Sale order, Doc. 280, 2 October 2026
- Motion to sell or dispose of miscellaneous assets, Doc. 294, 7 October 2026
- Unsecured creditors’ committee appointment, Doc. 112, 12 August 2026
- Verita Global: official Poolin case information and docket
- CoinDesk: Poolin announces IOU tokens, 13 September 2022
- The Energy Mag: reopened bidding, 30 September 2026
- 11 U.S.C. § 502: allowance and valuation of claims
- Bankruptcy Rule 3003: Chapter 11 proofs of claim and Rule 3001: claim transfers
- Celsius: dissolution and distribution information
- FTX: initial Convenience Class distributions, 18 February 2025
- Poolin: IOU conversion announcement, 13 September 2022
- Poolin: ERC-20 transfers and swaps, 29 September 2022
- Poolin: withdrawal suspension, 5 September 2022
- CoinDesk: individual Singapore arbitration, 6 January 2023
- Notice of Chapter 11 case, Doc. 88: official claims agent and claims deadline
- Poolin: Chapter 11 case information and security notice, 27 July 2026
This article is for general information only and is not legal, tax or investment advice. Paxtibi buys bankruptcy claims and has a commercial interest in Poolin claims. Paxtibi is not affiliated with Poolin, the debtors, the creditors’ committee, Verita Global or the court.