Blockfills, a Chicago-based crypto trading firm, has filed for bankruptcy, as the crypto winter takes its toll on the industry.

On Sunday, BlockFills operator Reliz Ltd. and three affiliated entities filed voluntary Chapter 11 restructuring petitions in the U.S. Bankruptcy Court for the District of Delaware, according to documents seen by CoinDesk.

The court filing shows Reliz reporting assets between $50 million and $100 million against liabilities of $100 million to $500 million, a stark indicator of the mounting pressures in its crypto trading operations.

The company decided to file for bankruptcy after consulting all stakeholders, it said in an official statement.

"After extensive discussions with investors, clients, creditors, and other stakeholders, BlockFills has determined that a voluntary chapter 11 filing is the most responsible path forward in order to preserve the value of the business and maximize recoveries for stakeholders. This filing will allow the firm to implement an orderly restructuring while maintaining transparency and oversight through the court-supervised process," it said.

"To that end, on March 15, 2026, certain 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," it added.

CoinDesk reported last month that the crypto lender had lost about $75 million and was seeking a buyer or emergency funding.

BlockFills is a crypto trading and lending firm that provides liquidity, financing and risk-management services to institutional clients. Its platform facilitates crypto lending and borrowing, derivatives trading and over-the-counter (OTC) execution for hedge funds, asset managers, market makers and mining companies.

The company is backed by institutional investors including Susquehanna Private Equity Investments, CME Ventures, Simplex Ventures, C6E and Nexo Inc.

A U.S. federal judge issued a temporary restraining order (TRO) against BlockFills last week in a lawsuit brought by Dominion Capital.

Dominion alleged that the firm had misappropriated and improperly retained millions of dollars in customer crypto assets, commingled client funds and concealed significant losses.

BlockFills said on Feb. 11 it was halting customer withdrawals and deposits due to recent market and financial conditions.

The company said at the time it was working with investors and clients to reach a swift resolution and restore liquidity to the platform. CoinDesk later reported that the crypto lender had lost about $75 million and was seeking a buyer or emergency funding.

CoinDesk also reported that BlockFills co-founder and CEO Nicholas Hammer had stepped down from his leadership role. Joseph Perry is the firm's interim CEO.

BlockFills said it processed more than $60 billion in trading volume in 2025, up 28% from the prior year, and is among the more active institutional crypto lending and borrowing desks. The firm serves about 2,000 institutional clients, including hedge funds, asset managers and mining firms.

Read more: U.S. judge freezes BlockFills assets in dispute over 70 bitcoin with creditor Dominion Capital