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Cryptocurrency lending platform BlockFills seeks restructuring after suspension of withdrawals and facing litigation
According to The Financial Times, citing anonymous sources, cryptocurrency trading and lending company BlockFills has "sought restructuring advice from consulting firm BRG." It is reported that after stopping withdrawals, BlockFills appointed BRG's Mark Renzi as "Chief Transformation Officer." BlockFills' new management aims to "complete the restructuring, inject new capital, and implement new governance and financial controls."
Previously, the lending institution temporarily halted customer deposits and withdrawals last month. At that time, BlockFills attributed this move to "recent market and financial conditions," citing the significant decline in the digital asset market. This week, a federal judge issued a temporary restraining order against BlockFills, as one of the company's clients, Dominion Capital, accused the company of mismanaging customer funds in February.