A formal application for bankruptcy was filed for a debt of approximately $173.1 million. Dollar

On 25 July, the Singapore Technology Pte. Ltd. and its two American subsidiaries, Lonestar Dream and Lonestar Taproot, applied for Chapter 11 bankruptcy protection at the United States Bankruptcy Court in New Jersey on 22 July, becoming one of the most significant institutional collapses in mining in recent years. Court documents show that Poolin ' s liability is between $100 million and $500 million, or approximately $173.1 million, with less than $10 million in assets; the number of creditors is between 10,000 and 25,000. One of the biggest debts was about US$ 163.7 million, involving about 11,700 users of the "Poolin Wallet" purse: The origin of this debt dates back to September 2022, when Poolin was hit by a collapse in the encryption market, when he blocked the loan of the user's assets, then frozen his wallet and account, claiming that he was “at risk of liquidity problems”, and replaced the return of the user's real bitcoin with IOU arrears, which had not been repaid for three years. Poolin, founded in Beijing in 2017 by Kevin Pan, Fa Zhu, and once at its peak in 2019, controlled about 18 to 20 per cent of the entire network, was one of the world's largest bitcoins. After the mining ban of 2021, the company transferred its operations to Texas, United States of America, but was forced to sell idle equipment at a low price owing to a severe shortage of electricity quota applications (previously expected to be 600 MW and only 100 MW), resulting in a loss of approximately $8.8 million between 2023 and 2025, with a cumulative loss of nearly $45.9 million, which was completely shut down on 10 July and confirmed that it would not restart. The company's only hope for repayment is that two West Texas mine assets under the flag of the auction, Thor CalAP LLC, which has offered $52 million as an " anchor bid" to start the auction, is far from covering the $173 million total liability and creditors are expected to receive only partial settlement。