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Crypto trading and lending firm BlockFills has filed for Chapter 11 bankruptcy protection in the United States following weeks of financial turmoil and a temporary halt on client withdrawals.
Reliz Ltd., the entity that operates BlockFills, submitted a voluntary petition to restructure under Chapter 11 of the U.S. Bankruptcy Code at the U.S. Bankruptcy Court for the District of Delaware on Sunday. Three related entities also filed alongside the company as part of the restructuring process.
According to court filings, the firm listed estimated assets between $50 million and $100 million. Its liabilities were significantly higher, ranging from $100 million to $500 million. The figures highlight the scale of the financial difficulties faced by the company.
In a statement released on Sunday, BlockFills said the restructuring process was the most responsible option after discussions with investors, clients and creditors.
The company said the Chapter 11 process would allow it to implement an orderly restructuring while maintaining transparency under court supervision. BlockFills added that the goal is to stabilise the business, pursue additional sources of liquidity and explore possible strategic transactions while prioritising client interests.
The bankruptcy filing comes after weeks of mounting challenges for the Chicago based firm. In February, BlockFills suspended client deposits and withdrawals as it attempted to address liquidity shortages and ongoing negotiations with stakeholders.
The company said at the time that the move was necessary due to recent market and financial conditions affecting its operations. The suspension raised concerns among clients and investors about the firm’s financial position.
BlockFills provides a range of services to institutional clients including liquidity provision, trade execution and crypto lending. The company operates in more than 95 countries and serves over 2,000 institutional clients globally.
Despite the recent crisis, the firm had reported strong activity in the previous year. According to its 2025 review, BlockFills processed more than $61 billion in transaction volume during the year. This represented a 28 percent increase compared with the previous year.
Legal challenges also intensified the company’s difficulties. Earlier this month, a US federal judge issued a temporary restraining order against BlockFills in a lawsuit filed by Dominion Capital.
The order temporarily froze certain assets connected to the dispute. Dominion Capital accused BlockFills of misappropriating customer funds and refusing to return millions of dollars worth of crypto assets that had been stored on the BlockFills platform.
According to a court filing dated 27 February, Dominion claimed the assets were held on the platform for custody and trading purposes but were not returned when requested.
The legal action added to the pressure on the firm as it attempted to address liquidity issues and negotiate with stakeholders.
BlockFills has received backing from several well known financial investors. These include Susquehanna Private Equity Investments and the venture arm of CME Group.
The company said the Chapter 11 process will allow it to evaluate strategic options while maintaining operations under court supervision. Such processes are commonly used by US companies seeking to restructure debts and continue operating while negotiating with creditors.
The filing marks a significant development for the firm, which built a presence in the institutional crypto trading market over recent years. The outcome of the restructuring will determine whether BlockFills can stabilise its operations and recover from the liquidity crisis that forced it into bankruptcy protection.
