Blockfills CEO Steps Down Amid Financial Challenges

Blockfills, a Chicago-based crypto lending and trading firm, has been navigating significant financial challenges in recent months. In a bid to address these issues, co-founder and CEO Nicholas Hammer has stepped down from his leadership role. The transition comes after the company reported losses of approximately $75 million and suspended client deposits and withdrawals earlier this month.

According to sources familiar with the matter, Hammer exited the CEO position in July 2025. His LinkedIn profile still lists him as CEO as of February 25, indicating a possible delay in updating his professional online presence. The company's website now lists Joseph Perry as interim CEO, marking a leadership change during a turbulent period for Blockfills.

Blockfills' financial setbacks have drawn comparisons to the 2022 crypto winter, when major crypto lenders such as Celsius, BlockFi, and Genesis froze customer accounts amid market turmoil. The broader cryptocurrency market has struggled in early 2026, with Bitcoin trading below $70,000 after retreating from its late-2025 all-time high, and Ethereum hovering near $2,000.

The company is working closely with investors and clients to restore liquidity and reach a swift resolution, according to a February 11 press release. While deposits and withdrawals remain frozen, clients can continue limited trading activities, including opening and closing spot and derivatives positions under select conditions. Blockfills reported over $60 billion in trading volume in 2025, a 28% year-over-year increase, serving around 2,000 institutional clients.