Crypto trading and lending firm BlockFills has asked consulting firm BRG for restructuring advice, The Block reported on March 6 local time, citing the Financial Times.
BlockFills temporarily halted customer deposits and withdrawals last month. At the time, the company cited "recent market and financial conditions".
Legal pressure also mounted this week. Client Dominion Capital filed a lawsuit alleging BlockFills improperly managed customer funds.
BlockFills did not comment on the lawsuit, but is "actively pursuing various options", the Financial Times reported.
After halting withdrawals, BlockFills appointed Mark Renzi (마크 렌지) of BRG as chief innovation officer. The new management plans to complete the restructuring by bringing in fresh capital and strengthening governance and financial controls.
BlockFills, based in Chicago, counts Susquehanna Private Equity Investments and CME Group among its investors. BlockFills has provided liquidity, trade execution and lending services to institutional clients such as hedge funds, mining firms and asset managers, as well as high-net-worth individuals.
Chi-gyu Hwang
delight@d-today.co.kr