BlockFills, a Chicago-based crypto trading firm operated by Reliz Limited, has filed for Chapter 11 bankruptcy protection. The move aims to reorganize its finances amid liquidity challenges while exploring options to stabilize the business.
BlockFills Operator and Its Affiliates File for Chapter 11
According to the case records available on PACER, Reliz LTD, doing business as BlockFills, made a voluntary Chapter 11 filing on March 15, 2026. Three affiliates of the parent operator, including Reliz Technology Group Holdings Inc., Reliz Technologies LLC, and Reliz CI LTD, also filed for Chapter 11 the same day.
The restructuring proceedings are taking place in the U.S. Bankruptcy Court for the District of Delaware.
An Attempt to Restructure Under Court Supervision
In an official statement, BlockFills shared plans to pursue Chapter 11 bankruptcy for maintaining the company’s value and increasing recoveries for stakeholders.
Citing the need for time and a structured process to stabilize the business, obtain additional liquidity, and review strategic transactions, it described the process as “the most responsible path forward.”
“This filing will allow the firm to implement an orderly restructuring while maintaining transparency and oversight through the court-supervised process,” the official statement read.
The company said it plans to continue working with clients, investors, creditors, and stakeholders during the process under court guidance.
Case Related Details
According to Verita Global, attorney David R. Hurst of McDermott Will & Schulte is representing the crypto firm and all three affiliates in the court. Joseph Perry, the Interim Chief Executive Officer at BlockFills, is the authorized representative of the debtor. Other key details in the Chapter 11 petition are:
- Filing Date: March 15, 2026
- Court and Jurisdiction: U.S. Bankruptcy Court for the District of Delaware
- Type of Filing: Active, Voluntary Petition
- Chapter: 11
- Case Number: 26-10375
- Estimated Assets: $50,000,001-$100 million
- Estimated Liabilities: $100,000,001-$500 million
- Reason for Filing: Restructure business under court supervision
Filing details show that the Chicago-based crypto company currently has around 1,000 to 5,000 creditors in total. Court filings indicate that funds will be available for distribution to the unsecured creditors.
The documents submitted at the time of filing were a corporate ownership statement, a list of equity security holders, and a list of the 30 largest unsecured creditors who are not insiders.
Decision Follows Funds Suspension and CEO Transition
BlockFills has begun the restructuring process just a month after temporarily pausing client deposits and withdrawals at its crypto platform. At the time, the company said the move was intended to protect both the business and its clients amid difficult market conditions. Trading, however, continued as normal.
The bankruptcy also follows a leadership change at the crypto firm. According to The Street, Nicholas Hammer, the company’s co-founder and CEO, had given up the position. Joseph Perry currently serves as the company’s interim CEO.
Company Background
BlockFills provides digital asset trading services to institutional clients. Its platform helps clients with price discovery, derivatives, order matching, lending transactions, and trade processing. The firm also provides assistance with software tools used for managing different stages of digital trading.
Besides its headquarters in Chicago, the crypto firm has offices in New York City, Austin, São Paulo, and London. According to the company’s website, BlockFills has more than 45 employees serving over 1,700 customers.
BlockFills’s bankruptcy process will now move ahead under court supervision as it works with creditors and stakeholders. New developments are expected as the case progresses in court.
