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Cryptocurrency trading firm BlockFills files for Chapter 11 bankruptcy protection in Delaware
Odaily Planet Daily reports that according to court documents, Chicago-based cryptocurrency brokerage and trading platform BlockFills has filed for Chapter 11 bankruptcy protection in the Delaware Bankruptcy Court in the United States. The company’s operating entity, Reliz Ltd., voluntarily filed for reorganization on Sunday.
The documents show that the company’s assets are estimated to be between $50 million and $100 million, with liabilities of approximately $100 million to $500 million. The platform had previously suspended customer deposits and withdrawals in February this year, indicating increased liquidity pressure.
BlockFills stated that initiating Chapter 11 reorganization was the “most responsible choice” after discussions with investors, customers, and creditors, aiming to complete the restructuring under court supervision to maximize recovery for all parties.
The bankruptcy filing also lists major unsecured creditors, including 007 Capital LLC (about $17.1 million), Richard E. Ward Revocable Trust (about $9.4 million), and Artha Investment Partners LLC (about $6.9 million). Other creditors include Japanese crypto exchange SBI VC Trade and Nexo Capital. (Bloomberg)