Blockfills CEO Bails After $75M Losses — Crypto Lending Winter Is Back

okay so this is kinda brutal. Nicholas Hammer, the co-founder and CEO of crypto lending platform Blockfills, just stepped down. the company reportedly lost around $75 million and had to freeze customer withdrawals earlier this month. they have been searching for a buyer since. the timing is kinda eerie — this is literally giving us major 2022 crypto winter vibes, you know? that is when Celsius, BlockFi, and Genesis all froze customer funds and everyone lost their minds. now Blockfills is the one in hot water. the firm website now lists Joseph Perry as interim CEO, and apparently they told some clients to pull their crypto BEFORE they announced the halt on february 11th. yikes. customer deposits are still frozen as of now. hammer linkedin still says he is CEO as of wednesday, but apparently he is out now. blockfills was based in chicago and they were basically offering crypto lending services — you could deposit your crypto and earn yield, or borrow against your holdings. sounds familiar, right? the whole crypto lending sector has been sketchy since the 2022 crash, and this just confirms that the trauma has not really healed. another one bites the dust.