The October crash has claimed another institutional player. BlockFills, a Chicago-based crypto brokerage that handled over $60 billion in trading volume last year, filed for Chapter 11 protection on Sunday in Delaware, listing up to $500 million in liabilities against no more than $100 million in assets.

The collapse followed a familiar sequence. BlockFills halted customer withdrawals in February, citing market conditions. Days later, creditor Dominion Capital sued the firm, alleging it had mixed client crypto with its own funds and concealed trading losses. A federal judge in New York subsequently froze bitcoin tied to the dispute. CEO Nicholas Hammer stepped down, replaced by interim chief Joseph Perry.

This story is an excerpt from the Unchained Daily newsletter.

The filing names 007 Capital ($17.1 million), the Richard E. Ward Revocable Trust ($9.4 million), and Artha Investment Partners ($6.9 million) among the largest unsecured creditors. Backers include Susquehanna Private Equity and CME Ventures.

BlockFills is the first notable crypto firm to seek court protection since the bear market began, and the commingling allegations will invite uncomfortable comparisons to earlier industry failures.