Cryptocurrency lending platform BlockFills filed for Chapter 11 bankruptcy protection on Sunday, saying it was to protect its business value and “maximize recoveries” for stakeholders.

Blockfills Grapples with Massive Liabilities

The bankruptcy filing will enable BlockFills to undergo restructuring, pursue additional sources of liquidity and recovery, while maintaining transparency and oversight through a court-supervised process. 

The Chicago-based firm said that the decision follows “extensive discussions” with investors, clients, creditors, and other stakeholders and is the “most responsible path forward.”

Several BlockFills-related entities filed a…

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