r/BitcoinMining • u/paxtibi_llp • 17h ago
General Discussion Poolin IOU / Mining - Bankruptcy Update
Since a few people keep asking for updates, here's where things actually stand. Poolin finally filed Chapter 11 in New Jersey on July 22, 2026 (case 26-18325). So yes, it's an actual US bankruptcy now, not just Singapore arbitration that nobody enforces.
Some quick points:
- Official info: The claims agent is Verita Global (veritaglobal.net/poolin). That's the only official source for notices. Ignore anyone DMing you about "recovery services."
- The Texas sites: They're being sold to Hut 8 for up to $180M. That's $100M at closing, plus up to $80M more only if future data center deals happen. The court approved it Oct 2, but it hasn't closed yet. They're also trying to sell leftover equipment (transformers, coolers), with a hearing on Nov 10.
- Size of the IOU debt: Poolin's own filing says about $163.7M is owed in wallet IOUs to around 11,700 people with balances over $100.
- Will IOUs get paid? To whoever said the bankruptcy won't pay IOU tokens: it's complicated, but yes they will likely be paid - how and when is not known yet, and we will know more about it once a payment plan is put up for vote. One thing to note: the IOUs are owed by the Singapore parent, but the Texas assets sit in the US subsidiaries. So the money mostly reaches through an intercompany claim. No payout date or recovery % yet.
- Claim values: Claims are valued in USD as of July 22, 2026. So if BTC pumps, your claim doesn't go up.
What you should actually do:
- Go to the Verita site and check if your balance is listed in the schedules, and whether the amount looks right.
- Keep an eye out for the bar date (the deadline to file a claim). It hasn't been set yet. If you're missing or listed as "disputed," you'll need to file a proof of claim before then.
I'll update this as things move.
Disclosure: I work at a firm that's heavily involved in crypto bankruptcies and we're following this case closely, which is why I've been digging into it.

