BlockFills has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court in Delaware.

PANews reported on March 16 that, according to The Block, cryptocurrency trading and lending company BlockFills has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court in Delaware. The company listed estimated assets of $50 million to $100 million and estimated liabilities of $100 million to $500 million in the filing.

BlockFills suspended customer deposits and withdrawals in February due to liquidity and stakeholder negotiations. Earlier this month, it also faced a temporary asset freeze following a lawsuit filed by Dominion Capital, which accuses BlockFills of misappropriating customer assets and refusing to return millions of dollars worth of crypto assets held on its platform. BlockFills stated that Chapter 11 proceedings are the "most responsible path" aimed at stabilizing its business, seeking additional liquidity, and exploring potential strategic deals. The company aims to process over $61 billion in transactions by 2025, serving more than 2,000 institutional clients in over 95 countries.