Susquehanna-backed crypto lender BlockFills has temporarily suspended client deposits and withdrawals as Bitcoin slides and market volatility intensifies.
The firm confirmed it paused transactions last week, describing the move as temporary while it works to restore liquidity to the platform.
“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,”
A spokesperson said in a statement.
The company added that management is working with investors and clients to resolve the issue swiftly, while continuing to allow users to open and close spot and derivative positions during the suspension.
Withdrawal freezes have historically signalled liquidity stress in the sector, echoing actions taken by lenders such as Genesis and BlockFi following the collapse of FTX in 2022, and following the announcement BlockFills’ share price was unchanged at $XX.
The decision comes as Bitcoin has fallen nearly 28% over the past 30 days to about $66,288, more than 47% below its October all-time high of $126,080, with Ethereum and XRP also posting steep monthly losses.
BlockFills, which provides OTC execution, liquidity and lending services to more than 2,000 institutional clients globally, facilitated over $61 billion in trading volume last year and previously raised equity funding from Susquehanna Private Equity Investments and other backers.
At the time of reporting, Bitcoin price was $67,087.51.