Poolin Asset Auction Bid Rises to $180 Million as Bankruptcy Case Continues

Poolin creditors were told that the winning bid in the company’s asset auction has risen to $180 million, according to a §341 creditors’ meeting disclosed by Wu Shuo. According to Foresight News, the bid is about 246% higher than the earlier baseline offer of about $52 million, or roughly 3.46 times the original price. The transaction still requires approval from the U.S. Bankruptcy Court for the District of New Jersey and completion of closing. Final creditor recoveries will depend on court confirmation, the bankruptcy plan, and subsequent distributions. Poolin Wallet user tokens were previously used as collateral for about $213 million in borrowing from AntAlpha. Poolin also advanced about $81 million to Lonestar Dream for U.S. mining site construction, while receivables of about $53.5 million from Poolin China are currently estimated at zero. The investigation into potential recovery liability involving founder Kevin Pan remains ongoing, and the federal criminal investigation into Poolin Wallet is still open. Poolin filed for Chapter 11 bankruptcy protection in July.