Susquehanna-Backed Crypto Lender BlockFills Suspends Withdrawals as Bitcoin Sinks
BlockFills, a crypto trading and lending firm, has temporarily suspended deposits and withdrawals due to volatile market conditions. The firm states this measure aims to protect clients and itself, and is working with investors and clients to resolve the situation and restore platform liquidity. Despite this suspension, clients can still open and close spot and derivative positions, with some exceptions for special circumstances. The move follows a significant downturn in crypto prices, with Bitcoin down nearly 28% in the last month, and other assets like Ethereum and XRP falling 39% and 35%, respectively. BlockFills serves over 2,000 institutional clients, reporting $61 billion in trading volume last year. Management is engaging with clients and promises regular updates as the situation develops.
