🔴Sudden crash! Another "crypto bank" has collapsed! BlockFills has filed for bankruptcy, with debts reaching $500 million!
Wow! This market really is a wave of chaos after another!
I just received news that the crypto lending institution BlockFills, headquartered in Chicago, has officially filed for Chapter 11 bankruptcy protection📉
📉 The scale of debt is shocking:
Documents show that the company’s liabilities are estimated between $100 million and $500 million, while its assets are only $50 million to $100 million! Clearly insolvent!
⚠️ Even scarier is that this is not the first incident. In February this year, they suddenly suspended customer deposits and withdrawals, and were sued by Dominion Capital for allegedly misappropriating customer assets and refusing to return millions of dollars in crypto assets!
Although the officials say that filing for bankruptcy is to "restructure in an orderly manner and seek liquidity," but brothers, this kind of “Chapter 11 protection” sounds nice, but in reality, it’s basically just giving creditors an explanation; the retail investors' money? It seems it's in serious danger😭
🧠 Personal opinion:
This kind of “crypto bank” model essentially uses users' money for leverage and arbitrage. Once the market goes bad or internal risk management issues arise, it’s the next bomb.
At this stage, don’t keep believing in “institutional custody” and “earning interest through lending,” as there are not many options safer than holding spot yourself.
💣 Who will be next? I don’t know, but the storm is still ongoing, stay alert, and don’t be the last one to run!
