Crypto OTC Platform BlockFills Files for Chapter 11 After $75 Million in Lending Losses
BlockFills is a Chicago-based cryptocurrency OTC trading, lending, and derivatives platform serving institutional clients in more than 95 countries, with about 2,000 customers. A sharp crypto market downturn beginning in October 2025 exposed its lending and liquidity risks, raising questions over whether clients including hedge funds and asset managers could recover their assets.
BlockFills suspended deposits and withdrawals in February 2026. On March 3, a federal court in New York temporarily froze 70.6 Bitcoin under dispute. On March 15, related entities filed for Chapter 11 reorganization in Delaware bankruptcy court after losses of about $75 million from lending and other operations. They reported assets of $50 million to $100 million and liabilities of $100 million to $500 million.
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The history behind this eventKeyrock Bids $3.25 Million for Bankrupt BlockFills Assets
Brussels-based Keyrock provides market making, liquidity, over-the-counter trading and infrastructure services across digital assets. BlockFills built an institutional crypto trading and lending business serving hedge funds, asset managers, market makers and mining companies. Acquiring the platform would give Keyrock access to about 2,000 institutional clients, as well as derivatives expertise and proprietary technology, strengthening its push into crypto capital markets.
Reliz Ltd., BlockFills’ operator, and three affiliates filed for Chapter 11 protection in Delaware on March 15, 2026, listing $50 million to $100 million of assets and $100 million to $500 million of liabilities. A May 26 court filing named Keyrock the successful bidder at $3.25 million for substantially all assets, selected liabilities, equity interests, customer lists and intellectual property. A sale-approval hearing was scheduled for June 16, with completion still subject to court and regulatory clearance.
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