Les géants OTC BlockFills demandent la faillite ! Perte de prêt de 75 millions de dollars, les actifs de 2000 clients institutionnels sont gelés

Chicago Crypto OTC Platform BlockFills Officially Files for Chapter 11 Bankruptcy Protection

Previously halted customer withdrawals due to a $75 million loan loss, assets frozen after creditor lawsuit, approximately 2,000 institutional clients in trouble.

(Background: The original core team of Zcash received $25 million in funding! a16z, Paradigm, Winklevoss all betting, will they issue tokens again?)

(Additional context: Two months, 10 DeFi protocols shut down—no technical issues but no users: liquidity is the only moat)

Table of Contents

Toggle

• Crisis Eruption: $75 Million Gap Revealed
• CEO Resigns, Creditors Sue, Crisis Escalates
• Federal Judge Issues Emergency Freeze
• Bankruptcy Expert: The Outcome Was Predetermined

Supported by Susquehanna International, Chicago-based crypto OTC platform BlockFills has officially filed for Chapter 11 bankruptcy protection. This institutional-grade platform, handling over $60 billion in transactions in 2025, has rapidly moved from withdrawal suspensions and executive departures to creditor lawsuits and asset freezes, heading toward bankruptcy.

Crisis Eruption: $75 Million Gap Revealed

The incident dates back to February 11, 2026, when BlockFills announced suspension of customer deposits and withdrawals, citing “market and financial conditions,” and limited trading functions. About 2,000 institutional clients—including hedge funds, asset managers, market makers, and mining companies—immediately faced liquidity issues.

According to reports, internal losses from loans reached approximately $75 million, mainly due to crypto collateral depreciating sharply during market downturns. The platform attempted to find buyers or emergency financing to cover the gap, but all efforts failed.

CEO Resigns, Creditors Sue, Crisis Escalates

On February 25, 2026, co-founder and CEO Nicholas Hammer announced his resignation, with Joseph Perry appointed as interim CEO. Hammer’s departure coincided with severe financial stress, interpreted as a sign of internal turmoil.

Two days later, creditor Dominion Capital filed a lawsuit, accusing BlockFills of misappropriating customer crypto assets, mixing client funds, and deliberately hiding significant losses—far beyond simple financial mismanagement.

Federal Judge Issues Emergency Freeze

On March 3, 2026, the situation escalated rapidly. U.S. District Judge Mary Kay Vyskocil in New York issued a temporary restraining order (TRO) without prior notice, freezing 70.6 BTC held by Dominion Capital and prohibiting BlockFills from transferring any assets overseas.

Judge Vyskocil cited “imminent bankruptcy risk” and “platform suspension of withdrawals” as grounds for the emergency order, indicating the case was considered highly urgent. The court also required BlockFills to submit a formal response by March 17.

Bankruptcy Expert: The Outcome Was Predetermined

Thomas Braziel, founder of 117 Partners and bankruptcy specialist, bluntly stated that once the withdrawal suspension was announced, the company was “speeding toward bankruptcy.” After allegations of asset misappropriation surfaced, “no reputable institution would touch this platform,” and filing for bankruptcy protection was almost the only option.

BlockFills’ Chapter 11 filing indicates the company seeks to reorganize debts under court supervision rather than liquidation. However, for the 2,000 affected institutional clients, when and whether they can recover assets remains uncertain.