Well-known crypto broker BlockFills, after experiencing a sharp decline in the crypto market last October, suspended customer withdrawals in February and filed for voluntary reorganization under Chapter 11 of the U.S. Bankruptcy Code in Delaware on Sunday. Creditors include Japanese cryptocurrency exchange operator SBI VC Trade Co. and Nexo Capital Inc., which holds promissory note claims.
BlockFills affected by the significant downturn in the crypto market, suspended withdrawals in February
As a crypto lending platform focused on institutional investors and high-net-worth individuals, BlockFills processed over $60 billion in transactions in 2025 and served clients in 95 countries worldwide, including more than 2,000 institutional clients. Since October last year, due to extreme volatility in the crypto market, BlockFills’ lending, mining, and trading businesses have been severely impacted, leading to a full suspension of customer deposits and withdrawals in February.
(Bitcoin correction triggers liquidity crisis, CME-backed BlockFills suspends withdrawals causing panic)
BlockFills creditors include SBI and Nexo
According to Bloomberg, BlockFills’ assets are estimated to be between $50 million and $100 million, with liabilities ranging from $100 million to $500 million.
The bankruptcy filing also lists some of the company’s largest unsecured creditors, including 007 Capital LLC (approximately $17.1 million), Richard E. Ward Revocable Trust (about $9.4 million), and Artha Investment Partners LLC (around $6.9 million).
Other creditors include Japanese crypto exchange operator SBI VC Trade Co. and promissory note holder Nexo Capital Inc.
CME Ventures, the venture capital arm of CME Group, and top market maker Susquehanna International Group (SIG) have also made strategic investments in BlockFills.
The company issued a statement on its website saying that after consultations with investors, customers, and creditors, Chapter 11 bankruptcy reorganization is “the most responsible way forward.” The reorganization under court supervision aims to preserve enterprise value while maximizing benefits for stakeholders.
This article, “BlockFills Files for Bankruptcy Reorganization After October Crypto Market Crash,” first appeared on Chain News ABMedia.
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