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Blockfills co-founder and CEO Nicholas Hammer has resigned following $75 million in lending losses.
The cryptocurrency lender halted client deposits and withdrawals earlier this month due to prevailing market and financial circumstances.
Blockfills co-founder and CEO Nick Hammer has resigned amid financial losses. (Shutterstock, modified by CoinDesk)
What to know:
- Blockfills co-founder Nicholas Hammer has resigned from his position as CEO of the cryptocurrency lending platform, as the company incurred approximately $75 million in losses and suspended client deposits and withdrawals earlier this month, according to a source.
- Clients were reportedly advised to withdraw their assets before the platform enacted a freeze on deposits and withdrawals on February 11, as indicated by the source.
- The Chicago-based company, which processed over $60 billion in trading volume in 2025, was affected by a broader market decline and is reportedly looking for a buyer.
Nicholas Hammer, co-founder and CEO of cryptocurrency lender Blockfills, has recently stepped down from his role, as per an individual familiar with the situation.
The firm’s website now identifies Joseph Perry as the interim CEO.
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The leadership change comes as the firm has experienced losses of around $75 million and suspended client deposits and withdrawals earlier this month.
Blockfills also reportedly encouraged some clients to withdraw their cryptocurrency assets before the platform halted deposits and withdrawals on February 11, according to the individual who spoke on the condition of anonymity due to the private nature of the matter. Client deposits remain suspended as of the time of publication.
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CoinDesk reported last week that the Chicago-based firm was in search of a buyer following these losses.
Blockfills or Hammer did not respond to a request for comment by the publication time.
The firm indicated in the Feb. 11 press release that it was collaborating with investors and clients to achieve a prompt resolution and restore liquidity to the platform.
"Clients have been able to continue trading with BlockFills for the purpose of opening and closing positions in spot and derivatives trading and select other circumstances," the company stated at that time.
Blockfills’ sudden cessation of withdrawals brings to mind the events of the 2022 crypto winter, when companies such as Celsius, BlockFi, and Genesis froze customer accounts as the market deteriorated.
The market has faced challenges in regaining momentum in early 2026, with significant tokens remaining below recent peaks amid cautious sentiment. Bitcoin has remained under $70,000 following a significant decline from its late-2025 all-time high, while ether (ETH) trades around $2,000 amidst weakness in the digital asset market.
The firm reported managing over $60 billion in trading volume in 2025, reflecting a 28% increase from the previous year, and ranks among the most active institutional crypto lending and borrowing desks. It serves approximately 2,000 institutional clients, including hedge funds, asset managers, and mining companies.
Blockfills is supported by investors such as Susquehanna Private Equity Investments, CME Ventures, Simplex Ventures, C6E, and Nexo. The company secured $37 million in a Series A funding round in January 2022.
Read more: Susquehanna-backed Blockfills up for sale after $75 million lending loss
