Poolin Technology, once one of the world’s largest Bitcoin mining pools, has filed for Chapter 11 bankruptcy protection in the United States. The Singapore-based company listed estimated debts of as much as $500 million against assets of $10 million, with creditors owed $173.1 million including retail investors. Poolin plans to use the Chapter 11 process to sell all of its crypto mining assets and cease operations rather than pursue a reorganization. The filing follows the shutdown of its Texas mining operations on July 10 and comes after the company struggled to rebuild in the U.S. following China’s 2021 mining ban. Poolin had borrowed $213 million against crypto then valued at $355.8 million, but the sharp decline in cryptocurrency prices left it unable to service debt and customer withdrawals.