Blockfills co-founder steps down as CEO amid liquidity crisis
Nicholas Hammer, co-founder of Blockfills, has stepped down as CEO of the Chicago-based crypto lending firm, according to a source familiar with the matter.
The company’s website now lists Joseph Perry as interim CEO. A spokesperson confirmed that Hammer served as CEO until July 2025.
The leadership change comes as Blockfills faces approximately $75 million in losses and has suspended client deposits and withdrawals since Feb. 11. According to the source, some clients were urged to withdraw their crypto assets before the platform froze transactions. Withdrawals remain suspended at the time of publication.
Last week, CoinDesk reported that the firm is seeking a buyer following the losses.
In a Feb. 11 statement, Blockfills said it was working with investors and clients to restore liquidity as quickly as possible. The company noted that clients could continue trading to open and close spot and derivatives positions under certain circumstances.
The sudden halt of withdrawals has drawn comparisons to the 2022 crypto winter, when lenders such as Celsius, BlockFi and Genesis froze customer accounts during the market downturn.
The broader digital asset market has struggled in early 2026. Bitcoin remains below $70,000 following a sharp pullback from its late-2025 all-time high, while Ethereum trades around $2,000 amid continued market weakness.
Blockfills said it handled more than $60 billion in trading volume in 2025, up 28% year-over-year, and serves roughly 2,000 institutional clients, including hedge funds, asset managers and mining firms. The company is backed by investors such as Susquehanna Private Equity Investments, CME Ventures, Simplex Ventures, C6E and Nexo.
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