Blockfills CEO Nicholas Hammer Steps Down Amid $75M Losses and Withdrawal Freeze

Nicholas Hammer, co-founder and CEO of crypto lender Blockfills, has stepped down from his leadership role as the company navigates significant financial challenges. According to a source familiar with the matter, Hammer exited the CEO position in July 2025. Blockfills’ website now lists Joseph Perry as interim CEO, and a company spokesperson confirmed the leadership change.

The transition comes during a turbulent period for the Chicago-based crypto lending and trading firm. Blockfills recently reported losses of approximately $75 million and suspended client deposits and withdrawals earlier this month. Sources also indicate that some clients were encouraged to withdraw their crypto assets before the platform officially halted transactions on Feb. 11. As of publication, customer withdrawals remain paused.

Last week, reports emerged that Blockfills is actively seeking a buyer following the financial setback. Hammer did not respond to requests for comment, and his LinkedIn profile still lists him as CEO as of Feb. 25.

In a Feb. 11 press release, Blockfills stated it is working closely with investors and clients to restore liquidity and reach a swift resolution. While deposits and withdrawals are frozen, clients can continue limited trading activities, including opening and closing spot and derivatives positions under select conditions.

The sudden suspension has 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.

Blockfills reported over $60 billion in trading volume in 2025, a 28% year-over-year increase, serving around 2,000 institutional clients. The firm is backed by investors including Susquehanna Private Equity Investments, CME Ventures, and Nexo, and raised $37 million in a 2022 Series A round.