A spokesperson for BlockFills declined to provide any further comment on the matter, in a note to Fortune.
BlockFills primarily functions as a crypto lending platform for hedge funds and other asset managers. This means that the company uses crypto as collateral and provides liquidity to these borrowers. BlockFills has over $60 billion in transaction volume and has more than 2,000 institutional clients, according to its website.
The move by BlockFills echoes activity during the crypto winter of 2022, when several prominent lenders like Celsius and BlockFi also halted customer deposits. The company, however, is less well known and it’s unclear if its troubles will affect the broader market.
