The company blamed it on the most recent violent correction in the crypto market.
Crypto lender BlockFills has temporarily suspended client deposits and withdrawals in response to recent market volatility and financial conditions, according to an official statement released by the firm.
The decision was taken last week as a protective measure for both clients and the company.
Suspending Client Transfers
According to the official announcement, BlockFills said that while transfers in and out of the platform are paused, clients have continued access to trading services, including the ability to open and close positions in spot and derivatives markets, as well as in select other circumstances outlined by the firm.
The suspension potentially affects around 2,000 institutional clients, such as asset managers and hedge funds. BlockFills operates exclusively with investors holding at least $10 million in crypto assets. These clients collectively generated more than $60 billion in trading volume on the platform in 2025.
BlockFills stated that its management team has been working closely with investors and clients to resolve the situation and restore platform liquidity.
“BlockFills is committed to transparency in its communications and to the protection of its clients. 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. The firm has also been in active dialogue with our clients throughout this process, including information sessions and an opportunity to ask questions of senior management.”
Crypto Market Turmoil
The move comes amid a broader crypto market downturn and echoes previous periods of stress in the industry, including the 2022 collapse of FTX and other crypto lenders. Bitcoin prices began falling on October 10 following a social media post by US President Donald Trump on tariffs, which contributed to increased volatility and nearly $20 billion in liquidations across the market.
Bitcoin continued to decline in the months that followed, as it fell under $65,000, over 45% below its October highs, and reached a year-to-date low of $60,008 on February 5. Stalled US crypto legislation has also continued to weigh on market sentiment.
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