BlockFills Files for Chapter 11 Bankruptcy in US
Cointelegraph
BlockFills has filed for Chapter 11 bankruptcy due to poor market conditions after halting customer deposits and withdrawals.Summary
Crypto lending platform BlockFills has filed for Chapter 11 bankruptcy in the US, following a suspension of customer deposits and withdrawals last month. The company, operating under Reliz LTD, along with three related entities, initiated the bankruptcy proceedings in Delaware court to restructure its finances. BlockFills stated the decision came after discussions with stakeholders and aims to preserve business value and maximize recoveries. The filing is attributed to a significant downturn in the crypto market, with Bitcoin's price dropping substantially in recent weeks. The company intends to stabilize its business, seek additional funding, and explore strategic transactions through the restructuring process.
(Source：Cointelegraph)