🔗New Chapter 11 Bankruptcy Filing - Poolin Technology PTE LTD🔗
Defunct former crypto miner pursues chapter 11 bankruptcy to sell for parts.
On July 22, 2026, Poolin Technology PTE LTD (“Poolin”) and two affiliates, Lonestar Taproot LLC (“LT”) and Lonestar Dream Inc. (“LD,” and together with LT and Poolin, the “debtors”) filed chapter 11 bankruptcy sale cases in the District of New Jersey (Judge O’Hagan). While LT and LD are DE entities, Poolin is a private limited company registered in Singapore; it operated in China through affiliated operating entities, primarily in the business of providing crypto mining pool, wallet, and related blockchain infrastructure services. By September ‘19, it was, at least according to the first day declaration of proposed CRO/FA/IB Michael DuFrayne of DuFrayne LLC, “…the largest crypto mining pool in the world.”
That was a long time ago. Things have changed. For its part, Poolin is kaput. LD was formed later to house two mining sites in Texas. Powering those sites, however, proved to be a challenge and the debtors lost a whole lot of millions on them. They’ve since been wound down, but LD still owns the sites. LT performed integrated business functions with respect to the mining sites … whatever the hell that means … and it owns some sh*t (~$41.7mm worth). We’d attempt to dig in more to the papers but … truthfully? … we don’t give a f*ck … these cases reek. Cutting to the chase, there’s a stalking horse (Thor CALAP LLC) for one of the mining sites and certain of the debtors’ assets but the total, split between two discreet sales, is $52mm.*
The problem here is that there’s debt — the largest portion of which (~$163.7mm) is unsecured IOUs owed to a whole bunch of foreigners who trusted Poolin for their crypto needs. There’s other stuff too bringing the total nut to over $170mm. In short/conclusion, a lot of people gonna get a good ol’ fashioned international f*cking here.
The debtors are represented by Archer & Greiner PC (Stephen Packman, Alexander Andrews, Doug Leney, Natasha Songonuga) as legal counsel and the aforementioned DuFrayne LLC (Michael DuFrayne) as CRO, financial advisor, and investment banker. Thor CALAP LLC is represented by Wachtel Missry LLP (Jason Libou, Steven Cohen).
*A bid procedures motion is already on file.
Company Professionals:
Legal: Archer & Greiner PC (Stephen Packman, Alexander Andrews, Doug Leney, Natasha Songonuga)
Financial Advisor/CRO & Investment Banker: DuFrayne LLC (Michael DuFrayne)
Claims Agent: Verita (Click here for free docket access)
Other Parties in Interest:
Stalking Horse Purchaser: Thor CALAP LLC
Legal: Wachtel Missry LLP (Jason Libou, Steven Cohen)