Big changes are happening at BlockFills.
Co-founder and CEO Nicholas Hammer has stepped down. The company’s website now lists Joseph Perry as interim CEO.
Trouble behind the scenes
The leadership shake-up comes at a tough time.
On February 11, 2026, the Chicago-based crypto trading and lending firm paused client deposits and withdrawals. The company blamed difficult market conditions and liquidity pressure. The freeze is still in place, and there’s no clear date for when normal operations will return.
That has raised concerns among its roughly 2,000 institutional clients, including hedge funds, asset managers, and crypto mining firms.
Reports also say BlockFills is dealing with a $75 million loss tied to its lending business. As crypto prices dropped, the value of collateral backing loans fell sharply. That appears to have left a major hole in the firm’s balance sheet.
Some clients were reportedly told privately to withdraw funds before the full suspension happened — a sign that liquidity problems may have been deeper than first understood.
Looking for a lifeline
Now, BlockFills is said to be exploring a possible sale or strategic partnership to stabilize the company. Joseph Perry is expected to lead those efforts.
The firm was once a major player, processing more than $60 billion in trading volume in 2025. It also has backing from well-known investors, including Susquehanna Private Equity and CME Ventures, along with other crypto-focused backers.
What happens next?
The broader crypto market is still in a bear phase. Capital is tight. Investors are cautious.
If the withdrawal freeze drags on, confidence could take a hit — especially among institutions. The situation echoes past crypto downturns, when lending firms struggled with solvency after sharp market declines.
For now, BlockFills’ future remains uncertain. The next few weeks could decide whether it finds a buyer — or faces deeper challenges.
