Crypto trading platform BlockFills announced today that it has entered Chapter 11 after the company suspended trading and withdrawals amid market volatility.
The decision follows extensive discussions with investors, clients, creditors, and other stakeholders and is intended to preserve the value of the business while maximizing recoveries, according to the firm.
On March 15, BlockFills’ parent entity, Reliz Technology Group Holdings Inc., and three affiliates filed voluntary Chapter 11 petitions in the US Bankruptcy Court for the District of Delaware, seeking joint administration for procedural purposes.
The company estimates its assets between $50 million and $1 billion, with liabilities ranging from $100 million to $500 million, and expects between 1,000 and 5,000 creditors.
Court filings reveal that the 30 largest unsecured claims total more than $119 million, with the majority classified as unliquidated customer claims.
The company’s largest creditor, 007 Capital LLC of Puerto Rico, holds an unliquidated customer claim of approximately $17 million. Other major customer claims include the Richard E Ward Revocable Trust at $9.4 million and Artha Investment Partners LLC at $6.9 million.
The creditor roster spans both institutional and retail participants in the global crypto market.
K&H Crypto LLC emerges as the largest disclosed shareholder, holding approximately 17% of equity. Two unnamed shareholders each hold 25% stakes, maintaining their identities confidential in court filings.
Institutional investors include Susquehanna Private Equity Investments LLLP at 5%, P3K LLC at 9%, and CME Ventures, the venture arm of derivatives exchange operator CME Group, at 2%.
BlockFills, which processed over $61 billion in trading volume in 2025, was said to be planning a restructuring earlier this month after reporting major losses and facing a lawsuit alleging mishandling of client funds.
The Chicago crypto lender and options platform serves about 2,000 institutional clients, including crypto hedge funds and asset managers.
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