Keyrock Set to Acquire Bankrupt Crypto Firm Blockfills for $3.25 Million
- Keyrock has agreed to a purchase price of $3.25 million for Blockfills’ assets, pending court approval.
- Blockfills filed for Chapter 11 bankruptcy in March, reporting assets between $50 million and $100 million against liabilities of $100 million to $500 million.
- The acquisition includes “substantially all” of Blockfills’ assets, certain liabilities, customer lists, and proprietary technology.
- A court hearing to consider the sale is scheduled for June 16, with final completion subject to regulatory approvals.
- Blockfills had trading volumes exceeding $60 billion in the previous year and served approximately 2,000 institutional clients.
This acquisition follows Blockfills’ decision to file for bankruptcy after experiencing significant losses and suspending customer withdrawals due to financial challenges. Keyrock aims to expand its services by integrating Blockfills’ offerings into its operations.
With a purchase price of $3.25 million, this acquisition marks a significant move in the digital asset space as Keyrock seeks to enhance its market presence through Blockfills’ established client base and technology.(Source)
