{"id":11478,"date":"2026-08-04T18:07:06","date_gmt":"2026-08-04T18:07:06","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=11478"},"modified":"2026-08-04T18:07:06","modified_gmt":"2026-08-04T18:07:06","slug":"poolin-owes-wallet-users-163-7m-and-its-52m-texas-sale-can-still-unravel-next-week","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=11478","title":{"rendered":"Poolin owes wallet users $163.7M, and its $52M Texas sale can still unravel next week"},"content":{"rendered":"
<\/p>\n
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Poolin Technology and several affiliates entered Chapter 11 on July 22 with two proposed asset sales, worth a combined $52 million, tied to its West Texas mining sites.<\/p>\n
Prospective buyer Thor CALAP LLC can terminate either deal over unsatisfactory diligence through Aug. 9, five days before the court’s scheduled hearing on the bidding process and sale.<\/p>\n
Poolin Wallet customers have the most riding on that deadline, as many have been waiting since the company’s 2022 liquidity crisis, when Poolin issued IOUs to roughly 11,700 wallet holders with balances above $100. Its first-day bankruptcy declaration lists over $163.7 million of those IOUs as part of roughly $173.1 million in preliminary prepetition obligations.<\/p>\n
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Related Reading<\/span><\/p>\n
Research: Bitcoin held by miners sinks to 1 year lows; Poolin culpable<\/h3>\n
The Bitcoin mining rewards held in miners’ wallets has seen a sharp decline since August. Analysis of Poolin addresses reveals it is responsible for a significant proportion of the decline.<\/p>\n
Dec 7, 2022<\/span> \u00b7<\/span> Samuel Wan<\/span><\/p>\n<\/div><\/div>\n
The IOUs and the Texas assets sit in different debtor estates, which is why Poolin Technology is not a seller under either asset purchase agreement. Lonestar Dream Inc. and Lonestar Taproot LLC hold the assets Thor would buy, and Poolin’s assets amount to about $1.2 million in cash, an office lease, and an intercompany claim against the two Lonestar businesses.<\/p>\n
The sale price reflects the value of the asset packages, and wallet recovery depends on how that value and claim priorities are allocated through the claims process.<\/p>\n
Under the amended sale motion and agreements, Thor would pay $37 million in cash for the Tarbush asset package and $15 million for the Pyote package. Deposits of $1.85 million and $750,000, respectively, are already set, with the balances due at closing.<\/p>\n
The filed schedules list no additional assumed liabilities, though Thor may still cover cure costs on selected contracts. Lonestar Dream halted mining and hosting operations at the sites on July 10, and the debtors have said they do not intend to resume them.<\/p>\n
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Bitcoin Depot\u2019s collapse shows how fraud losses, state bans, KYC rules, and high fees are forcing a reassessment of the US Bitcoin ATM model.<\/p>\n
May 19, 2026<\/span> \u00b7<\/span> Gino Matos<\/span><\/p>\n<\/div><\/div>\n
Three gates still stand between the offer and any distribution of wallets: Thor must stay in the deals past Aug. 9, the court must then approve a bidding and sale process that could leave Thor\u2019s offer in place or produce another price, and any wallet distribution would still depend on how the estates allocate net value among claims.<\/p>\n
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CryptoSlate Daily Brief<\/span><\/p>\n
Daily signals, zero noise.<\/h3>\n
Market-moving headlines and context delivered every morning in one tight read.<\/p>\n
Whoops, looks like there was a problem. Please try again.<\/span><\/p>\n
You\u2019re subscribed. Welcome aboard.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\nPoolin proposes a $52 million sale of two Texas mining assets as bankruptcy deadlines approach and creditor recovery stays undetermined.<\/figcaption><\/figure>\n
Objections to the bidding procedures and sale motion are due Aug. 7. The court has scheduled a hearing for Aug. 14 at 11 a.m. ET, and the motion proposes a Sept. 8 bid deadline, a Sept. 10 auction if needed, and a sale hearing by Sept. 16.<\/p>\n
The prepetition marketing process produced three other indications of interest, leaving room for competition without establishing that another qualified offer will emerge.<\/p>\n
The amount available to wallet creditors would then depend on estate-specific claims, any valid liens against the net proceeds, transfer taxes, professional fees, other administrative costs, and the treatment of Poolin\u2019s intercompany claim.<\/p>\n
Those unresolved variables prevent a responsible recovery percentage, with the useful signals being whether Thor stays past Aug. 9, whether the court approves the process, and whether competition raises the cash price.<\/p>\n
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Related Reading<\/span><\/p>\n
Mt. Gox-linked wallets moved 10,422 BTC, worth roughly $739 million as BTC price slides<\/h3>\n
The transfer revived the bankruptcy overhang while BTC was already under pressure, but the watched threshold is onward routing to exchanges, custodians, liquidity providers, or repayment partners.<\/p>\n
Jun 3, 2026<\/span> \u00b7<\/span> Liam ‘Akiba’ Wright<\/span><\/p>\n<\/div><\/div>\n<\/div>\n
Poolin Technology and several affiliates entered Chapter 11 on July 22 with two proposed asset sales, worth a combined $52 million, tied to its West Texas mining sites. Prospective buyer Thor CALAP LLC can terminate either deal over unsatisfactory diligence through Aug. 9, five days before the court’s scheduled hearing on the bidding process and<\/p>\n","protected":false},"author":1,"featured_media":11479,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[6008,6009,447,6007,5667,1449,1261,6010,360,159,1190],"class_list":["post-11478","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ethereum","tag-163-7m","tag-52m","tag-mining","tag-owes","tag-poolin","tag-sale","tag-texas","tag-unravel","tag-users","tag-wallet","tag-week"],"yoast_head":"\n
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