Blockfills co-founder and CEO Nicholas Hammer has stepped down amid $75 million lending losses

Finance Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Blockfills co-founder and CEO Nicholas Hammer has stepped down amid $75 million lending losses The crypto lender suspended client deposits and withdrawals earlier this month due to recent market and financial conditions. By Will Canny | Edited by Aoyon Ashraf Feb 25, 2026, 5:50 p.m. Make us preferred on Google Blockfills co-founder and CEO Nick Hammer has stepped down amid losses. (Shutterstock, modified by CoinDesk) What to know : Blockfills co-founder Nicholas Hammer has stepped down as CEO of the crypto lender, as the company suffered roughly $75 million in losses and halted client deposits and withdrawals earlier this month, according to a source. Some clients were urged to withdraw assets before the platform froze deposits and withdrawals on February 11, the source said. The Chicago-based firm, which handled over $60 billion in 2025 trading volume, was hit during a broader market downturn and is said to be seeking a buyer. Nicholas Hammer, co-founder and CEO of crypto lender Blockfills, has recently stepped down from his leadership role, according to a person with direct knowledge of the matter. The firm's website now lists Joseph Perry as the interim CEO. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy . The change of leadership comes as the firm has suffered losses of around $75 million and suspended client deposits and withdrawals earlier this month. Blockfills is also said to have urged some clients to withdraw their crypto assets before the platform halted deposits and withdrawals on Feb. 11, the person said, who spoke on condition of anonymity as the matter is private. Customer deposits remain suspended as of publication time. CoinDesk reported last week that the Chicago-based firm was seeking a buyer after the losses. Blockfills or Hammer did not respond to a request for comment by the publication time. The firm said in the Feb. 11 press release that it was working with investors and clients to reach a swift resolution and restore liquidity to the platform. "Clients have been able to continue trading with BlockFills for the purpose of opening and closing positions in spot and derivatives trading and select other circumstances," the company said at the time. Blockfills’ abrupt halt to withdrawals revives memories of the 2022 crypto winter, when firms including Celsius , BlockFi and Genesis froze customer accounts as markets unraveled. The market has struggled to regain traction in early 2026, with major tokens well below recent highs amid cautious sentiment. Bitcoin BTC $ 68,684.11 has remained below $70,000 after a sharp pullback from its late-2025 all-time high, while ether (ETH) trades around $2,000 amid weakness across the digital asset market. The company said it handled more than $60 billion in trading volume in 2025, up 28% from a year earlier, and ranks among the most active institutional crypto lending and borrowing desks. It serves roughly 2,000 institutional clients, including hedge funds, asset managers and mining firms. Blockfills is backed by investors including Susquehanna Private Equity Investments, CME Ventures, Simplex Ventures, C6E and Nexo. The company raised $37 million in a January 2022 Series A funding round. Read more: Susquehanna-backed Blockfills up for sale after $75 million lending loss BlockFills Crypto Lending Exclusive More For You Tether invests $200 million in digital marketplace Whop to expand stablecoin payments By Krisztian Sandor | Edited by Nikhilesh De 24 minutes ago The online marketplace said it will embed Tether's crypto wallet tools and USDT, USAT tokens to power crypto payments for over 18 million users. What to know : Tether is investing $200 million in online marketplace Whop to expand stablecoin-based payments. Whop will integrate Tether’s crypto wallet tools so users and creators can hold, transact and settle in stablecoins like USDT without banks or card networks. The funding will support Whop’s global expansion across Latin America, Europe and Asia-Pacific, further embedding Tether’s stablecoins in everyday online commerce. 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