Poolin Bankruptcy Auction Bid Price Rises to $180 Million

According to the §341 creditor meeting of Poolin, the bid price for the auction of Poolin's assets has risen to $180 million, an increase of approximately 246% from the previous baseline bid of about $52 million, which is approximately 3.46 times the original bid. The transaction still requires approval from the U.S. Federal Bankruptcy Court in New Jersey and completion of the settlement, with the final amount returned to creditors depending on court confirmation, the bankruptcy plan, and subsequent distribution. Poolin Wallet users' tokens were previously used as collateral to borrow approximately $213 million from AntAlpha, while Poolin advanced about $81 million to Lonestar Dream for the construction of U.S. mining sites, with an estimated value of approximately $53.5 million for accounts receivable from Poolin China set at zero. The personal liability of founder Kevin Pan is still under investigation, and the federal criminal investigation into Poolin Wallet remains open. Poolin filed for Chapter 11 bankruptcy protection in July.