Poolin bankruptcy: what happened and where the case is heard

The official Verita case page states that Poolin Technology PTE. LTD., Lonestar Taproot LLC and Lonestar Dream, Inc. filed for Chapter 11 on July 22, 2026. The cases are jointly administered under No. 26-18325 in the U.S. Bankruptcy Court for the District of New Jersey.

Poolin Technology is registered in Singapore, so a second court matters too. On October 19, 2026, the High Court of Singapore recognized the U.S. case as a foreign main proceeding. Separate lawsuits and enforcement actions against the company in Singapore are stayed, and Poolin's property in Singapore has been placed under the control of chief restructuring officer (CRO) Michael DuFrayne. The notice says it plainly: claims against the debtors are filed with the U.S. court, under the rules of the case and by the deadline that court sets.

The names of the pool, the Poolin Wallet service and the company in court documents do not always match word for word. So first establish which legal entity your claim relates to. This helps you find the right records and avoid applying one company's details to every service under a similar brand.

Claim filing deadline: December 31, 2026

The debtor has proposed this claim filing deadline: December 31, 2026, 4:00 p.m. New York time (5:00 a.m. on January 1, Beijing time). The court will consider it at a hearing on November 10, 2026. Until then the date is not final: after the hearing, check the approved deadline and any exceptions in the order on the Verita Global case page.

The claim form and online filing are published there as well. Deadline notices are being prepared in English and Simplified Chinese. If your claim already appears in the debtor's schedules, check its amount and status: if you disagree, you file a claim yourself.

A claim filed in Singapore does not replace filing in the U.S.

Now that the Singapore court has recognized the case, claims against Poolin are handled in Chapter 11. If you previously wrote to Poolin or filed a lawsuit or claim in Singapore, check separately whether your claim appears in the Verita Global register.

Why the story began long before Chapter 11

CoinDesk, in its July 24 article, links the crisis to the suspension of Poolin Wallet withdrawals in September 2022 and the issuance of IOUs to about 11,700 customers. The outlet cites a figure of about $163.7 million. This is a historical estimate from the article, not confirmation of the allowed amount of your claim.

Poolin Wallet was an account, not a personal wallet

Poolin Wallet was a custodial service: Poolin held the keys, and the user had an account with a balance. Through it you could borrow USDT against bitcoin or place crypto in deposits earning 2–8.8% a year, while Poolin re-pledged most of the coins themselves to Tether. That is why your claim in the case is the account balance that was replaced with IOUs. In the first-day declaration, IOU holders (Wallet Holders) are listed as unsecured creditors for $163.7 million out of roughly $173 million in unsecured debt.

If you still have records of your IOUs, the original balance or transfers, gather them in one place. Show where the amount came from and how it changed. Check the record in the app and the status of the claim in the court process separately.

Asset sale: from $52 million to the Hut 8 deal

Poolin's main assets are two sites in Texas, Pyote and Tarbush. The bidding for them took more than two months:

  • July. Together with its bankruptcy filing, Poolin presented a $52 million opening bid from Thor CALAP.
  • September 10. Thor CALAP led the auction at $180 million, with Hut 8 at $179 million.
  • September. Talks with Thor stalled over the deal terms, and Poolin chose Hut 8's $140 million offer as the more reliable one. Thor challenged that decision, and the court ordered a new round of bidding.
  • October 2. No competing bids came in, and the court approved the sale to Hut 8 affiliates (Raptor Basin LLC and Mesquite Falcon LLC): $100 million at closing plus up to $80 million more if data center deals materialize at the sites.

Why "up to $180 million" does not mean money in a creditor's account

$80 million of that amount is contingent: it will be paid only if the sites are leased or transferred for data centers (not for mining). Besides, approval of the deal, its closing, receipt of the money and distributions to creditors are separate events. Proceeds first go to the costs of the case and to priority claims.

A buyer on its own does not set the recovery percentage for each IOU holder. What matters is which debtor receives the proceeds and which rights apply to your situation.

Poolin bankruptcy: where to find the case documents

Use the Verita case website as your starting point. Save the document number, the filing date and the full text. This lets you tell a party's motion from a court order and check whether a later document has appeared.

The first-day declaration in the case, Document 2, describes the Chapter 11 filing as a path to an orderly sale of assets for the benefit of creditors. For the current status, read it together with the court's later rulings.

An official committee of unsecured creditors has been appointed in the case; its counsel is Pachulski Stang Ziehl & Jones. The committee represents the interests of all claim holders, but it does not file a claim for each creditor.

If you see a hearing date, check what exactly is to be heard. A hearing on the sale of assets or on claim filing procedures is not the date users get paid.

What Poolin Wallet users should keep

Poolin bankruptcy: creditor document checklist
Reclaim Capital editorial diagram.
  • Details of your account and the product you used.
  • Your balance history, deposits and withdrawal attempts.
  • Records of your IOUs and any changes to your rights, if available.
  • Agreements, terms of service and correspondence about the freeze.
  • Any notices you received from the court or the claims agent.

Start with a one-page timeline: when the balance arose, when withdrawals stopped working, and what explanations you received. If you have no separate proof for a point, mark the gap. Do not fill it with a figure from an article about Poolin.

Keep the originals separately. For a first conversation, prepare copies with unnecessary details hidden, and agree on the list of required proofs and how to send them with a verified recipient.

Wait for distributions or sell your claim

No distribution plan has been filed in the Poolin case yet, so the recovery percentage and the timing of payouts are still unknown. Do not try to infer them from the value of the mining sites. A claim holder has two paths: wait for the plan and distributions, or sell the claim now and get paid sooner.

Reclaim Capital considers buying Poolin claims from $5,000. We will review your documents, quote a price and explain the terms of the deal. The decision is yours. Learn more on our page about Poolin creditor claims.

Still have funds in Poolin Wallet?

Tell us the amount and which notices you have received. We will review your claim and name our buyout price.

The review is free, and we reply within 24 hours. We consider claims from $5,000 from any country, including mainland China, Hong Kong and Singapore. Payment in USDT, USDC or USD.

Discuss your Poolin situation

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Questions and answers

Poolin bankruptcy: what is the claim filing deadline?
The debtor has proposed December 31, 2026, 4:00 p.m. New York time. The court will consider the date on November 10, 2026; until then it is not final.
Where do I file a claim and see the case documents?
On the case page of the claims agent Verita Global (veritaglobal.net/poolin). The claim form, online filing and court documents are published there.
I already sent documents to Poolin or filed a claim in Singapore. Is that enough?
No. On October 19, 2026, the High Court of Singapore recognized the U.S. case as the main proceeding, and separate lawsuits in Singapore are stayed. You need to file a claim in the U.S. case. Check whether it appears in the Verita Global register.
How much will IOU holders receive?
The recovery percentage is not yet known: no distribution plan has been filed. The debt owed to IOU holders is about $163.7 million. The sale of the sites brings in $100 million plus up to $80 million more on a contingent basis, but proceeds first go to the costs of the case and to priority claims.
Can I sell a Poolin claim?
Yes. Reclaim Capital considers buying Poolin claims from $5,000. The review is free, and we quote a price after reviewing your documents.

Sources and review date

Sources checked on October 28, 2026.

Disclaimer. This material is for information only and is not legal or financial advice. Reclaim Capital does not represent Poolin, the court or the agent Verita Global. We consider buying Poolin claims and may have an interest in a deal with the reader. The deadlines and the procedure are set by the court: check the case documents before you act. The decision to sell a claim is yours alone.

— Reclaim Capital Editorial Team