Crypto Lender BlockFills Enters Chapter 11 with Up to $500M in Liabilities
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BlockFills filed for Chapter 11 bankruptcy after cash-flow problems that left customers unable to withdraw funds; the firm is now under court supervision to restructure debts. The crypto lending and trading company processed tens of billions of dollars in trades last year, highlighting its scale and potential counterparty risk for customers and creditors. The restructuring poses downside risk to customer recoveries and may dent confidence in centralized crypto lending/trading platforms; recovery depends on the court-led stabilization process.
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Crypto lending and trading company BlockFills has filed for Chapter 11 bankruptcy protection following cash flow problems that led to customers being unable to withdraw their money.
The firm, which processed tens of billions of dollars in trades last year, will now be placed under court supervision as it tries to restructure its debts and stabilize operations.
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