Cryptocurrency lending platform BlockFills files for bankruptcy protection

According to Mars Finance, on March 16, Chicago-based BlockFills filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court in Delaware. The company's filings show estimated assets between $50 million and $100 million, and estimated liabilities between $100 million and $500 million. In a statement released Sunday, BlockFills stated that after extensive discussions with investors, customers, and creditors, Chapter 11 bankruptcy proceedings are "the most responsible path forward. This restructuring filing will allow the company to restructure in an orderly manner under court supervision, while maintaining transparency and oversight." The company added that this move aims to "stabilize the business, seek more liquidity and recovery pathways, and explore potential strategic transactions," while emphasizing that protecting customer interests "remains a top priority." (The Block)