Blockfills is a Chicago-based crypto lending platform backed by Susquehanna, reportedly incurring loan losses of about $75 million amid the downturn in the market. The firm announced last week that deposits and withdrawals had been halted due to liquidity pressures. Two people familiar with the matter said Blockfills is currently seeking a buyer. The company stated in a February 11 press release that it is working with investors and customers to pursue a swift resolution and restore liquidity.
In 2025, Blockfills reportedly handled more than $60 billion in trading volume and served roughly 2,000 institutional clients, including hedge funds, asset managers, and mining companies. Blockfills’ sudden withdrawal halt evokes memories of Celsius, BlockFi, and Genesis during the crypto winter of 2022.
In January 2022, Blockfills completed a $37 million Series A round led by Susquehanna Private Equity Investments, CME Ventures, Simplex Ventures, C6E, and Nexo Inc., bringing total funding to about $44 million. The company has emphasized ongoing efforts to restore liquidity and address the current market challenges. Bitcoin was trading around the mid-66,000s and Ethereum near the $1,900 level, underscoring the broader macro headwinds facing the crypto sector.
Blockfills, a Chicago-based crypto lending platform backed by Susquehanna International Group, is seeking a buyer after reporting more than $75 million in loan losses amid a downturn in the crypto market. The company halted deposits and withdrawals last week as liquidity pressures mounted. Industry insiders note that Blockfills handled more than $60 billion in trading volume in 2025 and remains a liquidity provider to roughly 2,000 institutional clients, including hedge funds, asset managers, and mining companies. On February 11, the firm stated in a press release that it is working with investors and customers to restore liquidity and resolve the situation.
The company previously completed a $37 million Series A round in January 2022, led by Susquehanna Private Equity Investments alongside CME Ventures, Simplex Ventures, C6E and Nexo Inc., bringing total raised to about $44 million. Blockfills’ withdrawal halt recalls past episodes from Celsius, BlockFi and Genesis during crypto winters, highlighting the fragility of lenders during downturns. Bitcoin has traded around the mid-60,000s while Ethereum hovered near the $1,900 range, underscoring subdued market momentum. This episode underscores the ongoing challenge for crypto lenders amid a cautious investment climate and a tighter funding environment.
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