Crypto trading and lending company BlockFills has filed for Chapter 11 bankruptcy. The filing happened on March 15 in a Delaware court. The company said the move will help it reorganize its business and deal with its financial problems.
Court documents show that BlockFills has between $50 million and $100 million in assets. But its debts are much higher. The company listed $100 million to $500 million in liabilities. This large gap shows the firm is under serious financial pressure. BlockFills said the bankruptcy process is the best way to stabilize the company. It will protect clients while it works on a recovery plan.
Withdrawals Were Halted Earlier
The problems began earlier this year. BlockFills suddenly stopped processing customer…