Key TakeawaysChicago-based crypto broker BlockFills has filed for Chapter 11 bankruptcy protection through its operating entity, Reliz Ltd.Court documents list estimated assets of $50 million to $100 million against liabilities of $100 million to $500 millionThe firm suspended client deposits and withdrawals in February before filing in the US Bankruptcy Court for the District of DelawareTop unsecured creditors include 007 Capital LLC ($17.1 million), Richard E. Ward Revocable Trust ($9.4 million), and Artha Investment Partners ($6.9 million)BlockFills counts Susquehanna Private Equity Investments and CME Ventures among its institutional backersChicago-based cryptocurrency brokerage BlockFills has filed for Chapter 11 bankruptcy protection, becoming one of the first crypto firms to seek court restructuring following the October 10 market crash that wiped nearly $2 trillion from digital asset valuations.The firm's operating entity, Reliz Ltd., filed for voluntary restructuring on Sunday in the US Bankruptcy Court for the District of Delaware. Court documents show estimated assets between $50 million and $100 million, set against liabilities ranging from $100 million to $500 million.Liquidity Pressures Preceded FilingThe bankruptcy follows a February suspension of client deposits and withdrawals, an early signal of deepening financial strain at the institutional trading platform. BlockFills described the Chapter 11 process as the "most responsible path forward" following discussions with investors, clients, and creditors, adding that the court-supervised restructuring is designed to preserve business value and maximize stakeholder recovery.Creditors and BackersCourt filings identify several large unsecured creditors. 007 Capital LLC holds the largest claim at approximately $17.1 million, followed by the Richard E. Ward Revocable Trust at roughly $9.4 million, and Artha Investment Partners LLC at around $6.9 million. Japanese crypto exchange operator SBI VC Trade Co. and Nexo Capital Inc., which holds a promissory note claim, are also listed among creditors.Despite backing from institutional names including Susquehanna Private Equity Investments and CME Ventures, BlockFills was unable to withstand the prolonged market downturn that has pressured trading volumes and liquidity across the broader crypto industry.