Institution-focused crypto lender BlockFills halted customer deposits and withdrawals last week as Bitcoin fell 24% from $78,995 to $60,000 during a sharp market downturn.
The suspension, which remains in place, was implemented “in light of recent market and financial conditions” to protect clients and restore liquidity, the firm said in a statement on X.
“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 said.
Despite the halt, clients can continue opening and closing spot and derivatives positions, with the firm stating trading remains operational under select circumstances.
The freeze potentially affects around 2,000 institutional clients, including asset managers and hedge funds, which generated more than $60 billion in trading volume on the platform in 2025, and following the announcement the Bitcoin price was unchanged at $67,575.
Bitcoin’s decline accelerated after an Oct. 10 social media post on tariffs by US President Donald Trump rattled markets, contributing to nearly $20 billion in liquidations before the asset touched a year-to-date low of $60,008 on Feb. 5.
Founded in 2017 by Nick Hammer and Gordon Wallace and backed by Susquehanna Private Equity Investments and CME Group, BlockFills becomes the first major crypto platform to suspend withdrawals in response to the latest bout of market volatility.
At the time of reporting, Bitcoin price was $67,025.88.