BlockFills CEO Resigns Amid $75M Loss and Sale Discussions

In a significant turn of events, BlockFills co-founder and CEO Nicholas Hammer has stepped down amid financial turmoil, with Joseph Perry stepping in as interim CEO. The Chicago-based crypto trading and lending firm faces intense pressure following a $75 million loss in its lending portfolio. The loss has prompted a halt on all client deposits and withdrawals, affecting approximately 2,000 institutional investors. The company, which reported a trading volume of over $60 billion in the previous year, is exploring strategic partnerships or a potential sale to steer through a challenging bear market. BlockFills' decision to suspend liquidity has raised client concerns and highlighted the vulnerability of crypto lenders to market swings. Current discussions to secure a buyer or partner are underway, with the future of the firm and the trust of institutional participants in the crypto sector at stake in an ongoing cautious market sentiment.