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Cryptocurrency lending platform BlockFills filed for Chapter 11 bankruptcy protection on Sunday, saying it was to protect its business value and “maximize recoveries” for stakeholders.
The bankruptcy filing will enable BlockFills to undergo restructuring, pursue additional sources of liquidity and recovery, while maintaining transparency and oversight through a court-supervised process.
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The Chicago-based firm said that the decision follows “extensive discussions” with investors, clients, creditors, and other stakeholders and is the “most responsible path forward.”
Several BlockFills-related entities filed a voluntary petition to restructure under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware, the company added.
Reliz, the entity behind Blockfills, reported assets between $50 million and $100 million against liabilities of $100 million to $500 million, according to documents first tracked by Coindesk.
The filing comes nearly a month after Blockfills temporarily halted client deposits and withdrawals.
Image via Shutterstock
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