Overview
- Poolin and two U.S. affiliates have filed for Chapter 11 in New Jersey to pursue a structured sale of their remaining assets rather than resume operations.
- The filings list about $173.1 million in prepetition obligations with roughly $163.7 million tied to IOU claims issued to Poolin Wallet customers after withdrawals were suspended in 2022.
- The debtors signed stalking-horse purchase agreements that set a combined opening bid of $52 million for the two Texas sites and opened a Section 363 auction that allows higher competing offers.
- Poolin previously moved customer collateral to Antalpha and borrowed roughly $213 million against crypto collateral that Antalpha liquidated in November 2022, a sequence the filings say helped drive the firm’s insolvency.
- Remaining tangible assets are minimal—about $1.2 million in a U.S. bank account, an office lease and an intercompany claim—so creditor recoveries will depend on auction results, sale costs and pending lawsuits by wallet users.