Leadership change at Blockfills as Nicholas Hammer steps down early; Joseph Perry appointed interim CEO amid financial challenges and operational uncertain
Leadership Change at Blockfills
Nicholas Hammer, co-founder and CEO of crypto lender Blockfills, has resigned from his leadership role, effective immediately. According to a source familiar with the situation, Joseph Perry will now serve as interim CEO. A spokesperson for the company confirmed that Hammer's tenure was set to continue until July 2025.
Financial Troubles and Operations
The news comes amid significant financial challenges for Blockfills. The firm has reported losses of approximately $75 million and suspended client deposits and withdrawals earlier this month, triggering a period of operational uncertainty. In a February press release, the company stated that it was working with investors and clients to find a resolution, aiming to restore liquidity to its platform.
Client Communication
Prior to suspending deposits and withdrawals on February 11, Blockfills reportedly urged certain clients to withdraw their crypto assets. This move has raised concerns among the firm’s user base about the stability of the platform.
Market Context
The abrupt halt in withdrawals at Blockfills echoes memories from the 2022 crypto winter when other major firms such as Celsius, BlockFi, and Genesis faced similar challenges due to market volatility. Currently, the digital asset market remains cautious, with key tokens trading below recent highs. Bitcoin (BTC) is trading around $68,594.92 after a significant pullback from its late-2025 all-time high, while ether (ETH) is trading near $2,000.
Company Background and Performance
Despite the current challenges, Blockfills has demonstrated robust performance in prior years. The company processed over $60 billion in trading volume in 2025, a 28% increase from the previous year. It ranks among the leading players in institutional crypto lending and borrowing desks, serving approximately 2,000 clients, including hedge funds, asset managers, and mining firms.
Financial Support
Blockfills is backed by prominent investors such as Susquehanna Private Equity Investments, CME Ventures, Simplex Ventures, C6E, and Nexo. The firm secured $37 million in Series A funding in January 2022 from Susquehanna Private Equity Investments.
Company Response
In response to the CEO's departure, Blockfills stated that it is committed to resolving ongoing issues and maintaining operations as smoothly as possible for its clients. The company remains optimistic about finding a path forward despite current setbacks.
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