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Techub News reported, according to The Block, that cryptocurrency trading and lending company BlockFills has filed for Chapter 11 bankruptcy protection. The entity operating BlockFills, Reliz Ltd., submitted a voluntary bankruptcy petition to the U.S. Bankruptcy Court for the District of Delaware on Sunday, seeking reorganization under Chapter 11 of the U.S. Bankruptcy Code. The filing documents show that the company reported estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. BlockFills stated that, after extensive discussions with investors, clients, and creditors, initiating the Chapter 11 bankruptcy process is "the most responsible path forward." In February of this year, BlockFills temporarily suspended customer deposits and withdrawals, citing "recent market and financial conditions," while addressing liquidity shortages and negotiating with stakeholders. Earlier this month, a U.S. federal judge issued a temporary restraining order against BlockFills in a lawsuit filed by Dominion Capital, temporarily freezing certain assets related to the dispute.
Techub News reported, according to CoinDesk, U.S. District Judge Mary Kay Vyskocil for the Southern District of New York issued a temporary restraining order to crypto trading firm BlockFills, freezing 70.6 bitcoin assets allegedly belonging to Dominion Capital and prohibiting the company from transferring assets outside the United States. Previously, Dominion Capital filed a lawsuit accusing BlockFills of misappropriating and illegally retaining client crypto assets, commingling client funds, and concealing massive losses. The court also required BlockFills to account for and segregate client funds until a preliminary injunction hearing is held. The court ordered BlockFills to respond by March 17, at which time the temporary restraining order will expire unless extended by the court.
Techub News, according to a report by the Financial Times citing informed sources, cryptocurrency trading and lending company BlockFills has "sought restructuring advice from consulting firm BRG." Previously, the lender temporarily suspended customer deposits and withdrawals last month. At the time, BlockFills attributed this move to "recent market and financial conditions," citing a significant decline in the digital asset market. As previously reported by Techub News, a judge from the U.S. District Court for the Southern District of New York issued a temporary restraining order against BlockFills, freezing 70.6 Bitcoin assets allegedly belonging to Dominion Capital and prohibiting the company from transferring assets outside the United States.
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