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Cryptocurrency Lending Platform BlockFills Files for Bankruptcy Protection
Mars Finance News: On March 16, Chicago-based BlockFills filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court in Delaware. The company’s filings show estimated assets between $50 million and $100 million, and estimated liabilities between $100 million and $500 million. In a statement released on Sunday, BlockFills said that after extensive discussions with investors, clients, and creditors, Chapter 11 bankruptcy is “the most responsible way forward.” The filing for restructuring will allow the company to reorganize in an orderly manner under court supervision while maintaining transparency and oversight. The company added that the move aims to “stabilize operations, seek additional liquidity and recovery avenues, and explore potential strategic transactions,” while emphasizing that protecting customer interests “remains the top priority.” (The Block)