Contagion fears rise as the Susquehanna-backed lender and trading provider cites liquidity issues.
Institution-focused crypto lender and liquidity provider BlockFills is blocking its clients’ deposits and withdrawals, a move reminiscent of previous crypto downturns.
The Financial Times first reported the development, which comes after BTC reached as low as $60,000 on Feb. 5, a 52% drop from the asset’s all-time high in October.
“In light of 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. 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 in a statement earlier today.
While details are scarce, some consider the move reminiscent of 2022, when large crypto lenders and exchanges that proved insolvent followed a similar process.
The BlockFills representative who spoke with FT cited platform liquidity as an issue and stated in the article that “Management has been working hand in hand with investors and clients to bring this issue to a swift resolution and to restore liquidity to the platform.”
BlockFills is an institution-focused trading platform and crypto lender based in Chicago that recorded $60 billion in trading volume in 2025 and is backed by a crypto-native private equity firm, Susquehanna.