Blockfills, a Chicago-based crypto trading company, has filed for bankruptcy, as the crypto winter takes its toll on the industry.
On Sunday, BlockFills operator Reliz Ltd. and three affiliated entities filed voluntary petitions for Chapter 11 restructuring in the U.S. Bankruptcy Court for the District of Delaware, according to documents viewed by CoinDesk.
The court filing shows Reliz reporting assets of between $50 million and $100 million against liabilities of between $100 million and $500 million, a stark indicator of growing pressures in its crypto trading operations.
The company has decided to file for bankruptcy after consulting all stakeholders, it said in an official statement.
“After extensive discussions with investors, customers, creditors and other stakeholders, BlockFills has determined that a voluntary Chapter 11 filing is the most responsible path to preserve the value of the company and maximize recoveries for stakeholders. This filing will allow the company to implement an orderly restructuring while maintaining transparency and oversight through the court-supervised process,” it said.
“To this end, on March 15, 2026, certain entities related to BlockFills filed a voluntary petition for restructuring under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware,” it adds.
CoinDesk reported last month that the crypto lender had lost around $75 million and was looking for a buyer or emergency funding.
BlockFills is a cryptocurrency trading and lending company that provides liquidity, financing and risk management services to institutional clients. Its platform facilitates cryptocurrency lending and borrowing, derivatives trading and over-the-counter (OTC) execution for hedge funds, asset managers, market makers and mining companies.
The company is backed by institutional investors including Susquehanna Private Equity Investments, CME Ventures, Simplex Ventures, C6E and Nexo Inc.
A US federal judge last week issued a temporary restraining order (TRO) against BlockFills in a lawsuit filed by Dominion Capital.
Dominion alleged that the company misappropriated and improperly retained millions of dollars of customer crypto assets, commingled customer funds, and concealed significant losses.
BlockFills announced on February 11 that it was suspending customer withdrawals and deposits due to recent market and financial conditions.
The company said at the time that it was working with investors and customers to achieve a speedy resolution and restore liquidity to the platform. CoinDesk later reported that the crypto lender had lost around $75 million and was looking for a buyer or emergency funding.
CoinDesk also reported that Nicholas Hammer, co-founder and CEO of BlockFills, had resigned from his leadership role. Joseph Perry is the company’s interim CEO.
BlockFills said it processed more than $60 billion in transaction volume in 2025, up 28% from the previous year, and is among the most active institutional cryptocurrency lending and borrowing desks. The company serves approximately 2,000 institutional clients, including hedge funds, asset managers and mining companies.
Learn more: US judge freezes BlockFills assets in 70 bitcoin dispute with creditor Dominion Capital
