Embattled crypto lender BlockFills files for bankruptcy in US

BlockFills has filed for Chapter 11 bankruptcy in the US after suspending deposits and withdrawals last month, citing poor crypto market conditions.

Crypto lending platform BlockFills has filed for bankruptcy in the US after the company halted customer deposits and withdrawals last month.

Reliz LTD, BlockFills’ operating company, along with three other related companies, filed for Chapter 11 bankruptcy in a Delaware bankruptcy court in a bid to restructure the firm.

BlockFills said in a statement that filing for bankruptcy came after ”extensive discussions with investors, clients, creditors, and other stakeholders,” and the restructuring would “preserve the value of the business and maximize recoveries for stakeholders.”

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