Crypto Lending Platform Blockfills Suspends Customer Withdrawals as Markets Plunge

Due to "recent market and financial conditions, and to further the protection of clients and the firm, BlockFills took the action last week of temporarily suspending client deposits and withdrawals," Blockfills said in a statement on 11 Feb.

The lender, which primarily serves institutional investors and lists over 2,000 clients, says it facilitated over $61bn in trading volume in 2025.

The Chicago-headquartered firm raised $37mn in 2022 and counts the venture arm of Chicago Mercantile Exchange (CME) and Susquehanna Capital as backers.

Bitcoin was trading at around $67,150 as of 07:40UTC, with the broader market showing a muted reaction to the announcement.

Flashback to the fall of Genesis 

The suspension is reminiscent of the fall of crypto lending giant Genesis in 2022 following the collapse of FTX.

Genesis, which was backed by the Digital Currency Group (DCG), went out of 
business and left thousands of clients in the lurch. The fall of FTX and the subsequent market fallout led to Genesis suspending withdrawals and its eventual bankruptcy.

Blockfills said that it was in active dialogue with clients, and that investors "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."

Crypto leaders hold the line

Last week, Bitcoin plummeted to below $60,000, shaking investor confidence and sending crypto’s fear gauge to its lowest level ever. 

Bitcoin appears to have found some footing but is still almost 50% below its all-time high of over $120,000, set last year.  

Industry leaders with related investments have moved to quash market fears, with Strategy Chairman Michael Saylor, Skybridge Capital’s Anthony Scaramucci and Galaxy Digital founder Mike Novogratz urging market participants not to panic and stay invested.