BlockFills has halted withdrawals and restricted trading on its platform amid wild swings in the cryptocurrency market, mostly in a downward trend, Mining Mag and the Financial Times reported.
BlockFills, headquartered in Chicago and partially backed by market-making giant Susquehanna Investment Group, had trading volumes of $60 billion last year, according to the Financial Times.
“In light of recent market and financial conditions, and to further protect customers and the company, BlockFills took action last week to temporarily halt customer deposits and withdrawals,” a spokesperson told the newspaper.
“Customers can continue to use BlockFills to open and close spot and derivatives trades as well as other trades of their choice,” the spokesperson said.
BlockFills’ move comes as a months-long slide in cryptocurrency prices accelerated into a full-blown collapse last week. Bitcoin It plummeted to $60,000 before rebounding to its current level of $67,000, still about 50% down from last October’s all-time high.
The action is reminiscent of the crypto winter of 2022, where many platforms were forced to suspend withdrawals as the bear market deepened, with many eventually collapsing.
