Susquehanna-Backed Crypto Lender BlockFills Suspends Withdrawals as Bitcoin Sinks
In brief
- BlockFills confirmed that it halted deposits and withdrawals on its platform last week amid crypto market volatility.
- The firm said it is working to restore liquidity and is still allowing the opening and closing of spot and derivative positions.
- BlockFills facilitated more than $61 billion in trading last year and boasts more than 2,000 institutional clients worldwide.
Crypto trading firm and lender BlockFills has suspended deposits and withdrawals on its platform amid volatile market conditions, the company confirmed to Decrypt. The firm, which lists over-the-counter (OTC) trade execution, liquidity provisioning, and lending services among its crypto services, called the measures “temporary.” TheMinerMag first reported word of the suspension. “In light of recent market and financial conditions, and to further the protection of clients and the firm, BlockFills took the action last week of temporarily suspending client deposits and withdrawals,” a spokesperson for the firm said in a statement provided to Decrypt.
“Management has been working hand in hand with investors and clients to bring this issue to a swift resolution and to restore liquidity to the platform. The firm has also been in active dialogue with our clients throughout this process, including information sessions and an opportunity to ask questions of senior management,” they added. Meanwhile, clients have been able to open and close spot and derivative positions on the exchange, with other special circumstances accommodated for as well, according to the spokesperson. A decision to halt withdrawals has historically been an ominous sign in the crypto industry. In the wake of the FTX collapse in 2022, crypto lenders and service providers like Genesis and BlockFi, similarly paused withdrawals as they were hit with a liquidity crunch. During that time, Genesis had sought a bailout from its investors prior to hitting pause. BlockFills’ solutions remain to be seen, though the spokesperson said the firm is “working tirelessly to bring this matter to a conclusion and will continue to regularly update our clients as developments warrant.”
Its decision comes amid a significant drawdown in crypto prices, which has seen the sector’s top asset—Bitcoin—fall nearly 28% in the last 30 days to a recent price of $66,288, more than 47% from its October all-time high of $126,080. Others like Ethereum and the Ripple-linked XRP have fallen further, dropping nearly 39% and 35% respectively over the last month. BlockFills, which claims to serve more than 2,000 institutional clients worldwide, facilitated more than $61 billion in trading volumes last year, according to its 2025 year in review update. In 2022, the firm raised a multi-million dollar equity round from Susquehanna Private Equity Investments and other investors.
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