Crypto Chaos: Blockfills CEO Nicholas Hammer Resigns Amid Financial Turmoil

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Finance

What to know:

  • Blockfills co-founder Nicholas Hammer has stepped down as CEO of the crypto lender.
  • 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.

Ah, what a splendid turn of events we have here, my dear friends. The great Nicholas Hammer, co-founder and erstwhile CEO of the crypto lender Blockfills, has taken his leave of the company. And how, you ask? Simply stepped down, like a noble king who finds his throne too heavy to bear. No grand fanfare. No heroic departure. Just… gone. A simple twist in the grand crypto drama. And who steps in to fill the void? Joseph Perry, the ‘interim’ CEO, of course, because in times of financial chaos, ‘interim’ seems just right.

The firm, once so proud and full of promises, has now frozen client deposits and withdrawals. Well, isn’t that a delightful surprise? It seems as though Nicholas’ departure comes just as Blockfills faces losses around the size of $75 million-how absolutely quaint! And just before it all went to pot, some wise advisors at Blockfills decided it was best to urge clients to withdraw their crypto assets. A most subtle move, wouldn’t you agree? After all, when you see the storm clouds of financial despair gathering, it’s always best to retreat before the first raindrop falls.

Blockfills, a Chicago-based firm that once commanded over $60 billion in trading volume for 2025, now seeks a buyer like a scavenger searching for remnants in the aftermath of an apocalypse. After all, when your market takes a nosedive, the only thing left to do is find someone who still believes in your broken dreams.

The firm had urged a swift resolution, as one would expect, working with investors and clients-those same clients who are now scratching their heads, wondering why they weren’t warned sooner. But hey, liquidity and trust are overrated, right?

The parallels between this sad tale and the great crypto winter of 2022 are impossible to ignore. Remember Celsius? BlockFi? Genesis? Yes, those delightful firms that froze customer accounts as the market collapsed into a bitter, frozen hellscape. The echoes of that catastrophe resonate still, a haunting reminder that crypto has a tendency to burn those who get too close.

And what of the current market, you ask? Well, it seems the landscape remains just as grim. Bitcoin, the supposed savior of the digital realm, has failed to rise above $70,000 since its all-time high of late 2025. Ether (ETH), once the darling of the digital world, now limps along at a mere $2,000. The market trembles, and the traders… oh, the traders are looking at their portfolios with a mixture of despair and disbelief. How, they ask, did we get here?

Blockfills, in its more hopeful days, boasted a staggering $60 billion in trading volume for 2025. Quite the feat, really, when you consider how easily everything has now crumbled. And, of course, the firm served a modest 2,000 institutional clients, all now wondering if they’ve been caught in a game of financial roulette.

Ah, but let’s not forget the investors who backed this grand spectacle-Susquehanna Private Equity Investments, CME Ventures, Simplex Ventures, C6E, and Nexo. These fine individuals and institutions will no doubt find some solace in their portfolios… Or maybe not. But let’s remain hopeful that the $37 million raised during the January 2022 Series A funding round will buy them some good will as the firm sinks into the murky depths of financial history.

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2026-02-25 21:06