Blockfills Files for Bankruptcy Protection After $75 Million Loan Loss

Crypto lender Blockfills has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware, The Block reported. This follows months of deteriorating business conditions after experiencing a crisis, including a recent suspension of customer withdrawals. According to submitted documents, the company's estimated assets are between $50 million and $100 million, and its liabilities are between $100 million and $500 million. Blockfills suffered a $75 million loan loss in the recent market downturn, and as bankruptcy concerns grew, its creditor Dominion Capital requested the court to freeze their 70.6 BTC. The industry views Blockfills' chances of recovery as very low.