Nicholas Hammer, co-founder and CEO of crypto lender Blockfills, has stepped down from his leadership role, according to a person with direct knowledge of the matter.

The firm's website now lists Joseph Perry as the interim CEO. A company spokesperson confirmed that Hammer was CEO until July 2025.

The change of leadership comes as the firm has suffered losses of around $75 million and suspended client deposits and withdrawals earlier this month.

Blockfills is also said to have urged some clients to withdraw their crypto assets before the platform halted deposits and withdrawals on Feb. 11, the person said, who spoke on condition of anonymity as the matter is private. Customer deposits remain suspended as of publication time.

CoinDesk reported last week that the Chicago-based firm was seeking a buyer after the losses.

Hammer did not respond to a request for comment by the publication time. His LinkedIn profile, as of 5.58 pm UTC on Feb. 25, still lists him as CEO of Blockfills.

The firm said in the Feb. 11 press release that it was working with investors and clients to reach a swift resolution and restore liquidity to the platform.

"Clients have been able to continue trading with BlockFills for the purpose of opening and closing positions in spot and derivatives trading and select other circumstances," the company said at the time.

Blockfills’ abrupt halt to withdrawals revives memories of the 2022 crypto winter, when firms including Celsius, BlockFi and Genesis froze customer accounts as markets unraveled.

The market has struggled to regain traction in early 2026, with major tokens well below recent highs amid cautious sentiment. Bitcoin BTC$69,450.40 has remained below $70,000 after a sharp pullback from its late-2025 all-time high, while ether (ETH) trades around $2,000 amid weakness across the digital asset market.

The company said it handled more than $60 billion in trading volume in 2025, up 28% from a year earlier, and ranks among the most active institutional crypto lending and borrowing desks. It serves roughly 2,000 institutional clients, including hedge funds, asset managers and mining firms.

Blockfills is backed by investors including Susquehanna Private Equity Investments, CME Ventures, Simplex Ventures, C6E and Nexo. The company raised $37 million in a January 2022 Series A funding round.

Read more: Susquehanna-backed Blockfills up for sale after $75 million lending loss
UPDATE (Feb. 25, 6 pm UTC): Updates story with the company's comment on the CEO's departure.