Blockfills co-founder and CEO Nicholas Hammer has stepped down

CoinDesk

by Will Canny

February 25, 2026

AI-Generated Deep Dive Summary

Blockfills co-founder and CEO Nicholas Hammer has stepped down from his leadership role amid financial challenges facing the crypto lending platform. The company suspended client deposits and withdrawals earlier this month due to unfavorable market conditions, which have reportedly cost Blockfills around $75 million in losses. Interim CEO Joseph Perry is now at the helm as the firm seeks a resolution with investors and clients. This development echoes the difficulties faced by crypto firms during the 2022 market downturn, when many platforms froze customer assets. Blockfills' struggles come amid broader crypto market volatility. Bitcoin remains below $70,000, and ether trades around $2,000, reflecting a cautious investor sentiment in early 2026. Despite these challenges, Blockfills had reported strong growth in 2025, handling over $60 billion in trading volume and serving nearly 2,000 institutional clients, including hedge funds and mining firms. The company’s leadership change and financial issues raise questions about its ability to recover and maintain operations, particularly as it continues to suspend customer withdrawals. The crypto lending sector has faced significant challenges in recent months, with several platforms struggling to maintain liquidity amid market declines. Blockfills’ situation highlights the ongoing risks associated with institutional crypto lending and borrowing. As the firm works to restore platform stability and seek a buyer, the outcome of its efforts will likely impact investor confidence in the broader crypto market. The crypto industry’s resilience and ability to adapt to these challenges will be closely watched by market participants and stakeholders alike.

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Originally published on CoinDesk on 2/25/2026