"BlockFills, a crypto trading platform, will temporarily prohibit customers from depositing and withdrawing funds. It is the latest sign of trouble for the digital assets industry, which has been beset by plunging prices and unease over its future. Chicago-based BlockFills announced the decision in a statement on Wednesday, saying that it was doing so to further the protection of clients and the firm. A spokesperson for BlockFills declined to provide any further comment on the matter, in a note to Fortune."
"BlockFills made the move in large part because of the current downturn in cryptocurrencies. Bitcoin is down roughly 48% since its all-time high price in October to its current price of about $66,000 and is down roughly 29% in the last month, according to Binance. 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 will temporarily prohibit customer deposits and withdrawals while citing client and firm protection. The company declined to provide additional comment. The move was driven largely by the cryptocurrency downturn, with Bitcoin down roughly 48% from its October all-time high and about 29% in the past month according to Binance. BlockFills operates as a crypto lending platform for hedge funds and asset managers, using crypto as collateral and providing liquidity. The company reports over $60 billion in transaction volume and more than 2,000 institutional clients. The action echoes deposit halts during the 2022 crypto winter, and broader market effects remain unclear; Ethereum and Solana have also fallen sharply recently.
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