Bankruptcies continue in the cryptocurrency market. The latest news comes from the US.
Accordingly, Chicago-based cryptocurrency trading and lending firm BlockFills has filed for Chapter 11 bankruptcy protection in Delaware.
In its bankruptcy filing, the company reported having assets of $50-100 million, while its liabilities ranged from $100-500 million.
This decision comes after months of unfavorable business conditions, including the recent suspension of customer withdrawals.
Blockfills also suffered a $75 million loan loss during the recent market downturn.
In a statement, BlockFills said that following extensive discussions with investors, clients, and creditors, pursuing bankruptcy protection was the most responsible and logical course of action going forward.
The company stated, “This filing will allow the firm to undergo an orderly restructuring while maintaining transparency and oversight through a court-supervised process.”
BlockFills stated that this step aims to restructure and stabilize operations, and that protecting customer interests remains a priority for the company.
BlockFills, whose investors include Susquehanna and the venture arm of CME Group, had projected a transaction volume exceeding $61 billion in 2025.
*This is not investment advice.
