Cryptocurrency Lending Platform BlockFills Files for Bankruptcy Protection

BlockBeats News, March 16, Chicago-based BlockFills has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court in Delaware. Documents filed by the company indicate that its estimated assets are between $50 million and $100 million, with estimated liabilities ranging from $100 million to $500 million.

In a statement released on Sunday, BlockFills said that after extensive discussions with investors, customers, and creditors, the Chapter 11 bankruptcy process was "the most responsible path forward." The company stated that the restructuring filing would allow it to reorganize under court supervision in an orderly manner while maintaining transparency and oversight. The company added that the move was aimed at "stabilizing the business, seeking additional working capital and paths to recovery, and exploring potential strategic transactions," with an emphasis on ensuring that protecting customer interests "remains a top priority." (The Block)