Cryptocurrency trading firm BlockFills files for Chapter 11 bankruptcy protection in Delaware.

According to court documents, Chicago-based cryptocurrency brokerage and trading platform BlockFills has filed for Chapter 11 bankruptcy protection in Delaware, USA. The company's operating entity, Reliz Ltd., filed for voluntary reorganization on Sunday. The documents show that the company's assets are estimated at between $50 million and $100 million, while its liabilities are estimated at between $100 million and $500 million. The platform had previously suspended customer deposits and withdrawals in February, indicating escalating liquidity pressures. In a statement, BlockFills said that initiating Chapter 11 reorganization proceedings was the "most responsible choice" after discussions with investors, customers, and creditors, with the goal of completing the reorganization under court supervision to maximize the recovery value for all parties. The bankruptcy filing also lists major unsecured creditors, including 007 Capital LLC ($17.1 million), Richard E. Ward Revocable Trust ($9.4 million), and Artha Investment Partners LLC ($6.9 million). Other creditors include Japanese cryptocurrency trading platform SBI VC Trade and Nexo Capital. (Bloomberg)