BlockFills, a Chicago-based crypto trading firm, has entered Chapter 11 restructuring. Court records show that operator Reliz Ltd. and three affiliated entities filed voluntary petitions in the U.S. Bankruptcy Court for the District of Delaware.
The filing lists Reliz with assets of $50 million to $100 million and liabilities of $100 million to $500 million, highlighting the strain on the firm’s trading and lending business. In a statement, the company said it chose a voluntary Chapter 11 process after extensive discussions with investors, clients, creditors and other stakeholders. It described the move as the most responsible path to preserve business value and maximize recoveries.
March 15 filing puts restructuring under court supervision
BlockFills said certain related entities filed for restructuring under Chapter 11 of the U.S. Bankruptcy Code on March 15, 2026. The firm said the court-supervised process would allow it to carry out an orderly restructuring while maintaining transparency and oversight.
Before the filing, CoinDesk had reported that the crypto lender lost about $75 million and was seeking either a buyer or emergency funding. On Feb. 11, BlockFills said it was halting customer withdrawals and deposits because of recent market and financial conditions. At the time, it said it was working with investors and clients in an effort to restore liquidity to the platform.
Dominion lawsuit adds legal pressure
The restructuring comes after a U.S. federal judge issued a temporary restraining order against BlockFills in a lawsuit brought by Dominion Capital. Dominion alleged that the company misappropriated and improperly retained millions of dollars in customer crypto assets, commingled client funds, and concealed significant losses.
BlockFills provides liquidity, financing and risk-management services to institutional clients. Its platform supports crypto lending and borrowing, derivatives trading, and over-the-counter execution for hedge funds, asset managers, market makers and mining companies. Backers listed in the report include Susquehanna Private Equity Investments, CME Ventures, Simplex Ventures, C6E and Nexo Inc.
Trading volume topped $60 billion in 2025
Even as it moves through restructuring, BlockFills had previously reported sizable activity. The firm said it processed more than $60 billion in trading volume in 2025, up 28% from the prior year, and served about 2,000 institutional clients. CoinDesk also reported that co-founder and CEO Nicholas Hammer had stepped down, with Joseph Perry serving as interim CEO.