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BlockFills halts deposits and withdrawals amid market stress

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BlockFills halts deposits and withdrawals amid market stress

Crypto trading firm BlockFills has temporarily suspended client deposits and withdrawals, citing recent market and financial conditions.

Summary

  • BlockFills has temporarily suspended client deposits and withdrawals, citing challenging market and financial conditions, while allowing trading to continue.
  • The halt was implemented last week as Bitcoin experienced sharp volatility, sliding from the low $70,000s to the mid-$60,000s before rebounding.
  • The firm says it is working with investors and clients to restore liquidity and will provide updates as the situation develops.

The decision was disclosed in a post shared by the company on X and was described as a protective measure for both clients and the firm.

According to BlockFills, the suspension was implemented last week. While deposits and withdrawals are paused, clients have still been able to trade on the platform. This includes opening and closing positions in spot markets, derivatives trading, and select other situations, the firm said in its statement.

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The company did not specify how long the restrictions will remain in place, but emphasized that trading functionality has been maintained to allow clients to manage existing exposure.

Bitcoin price swings during suspension week

The announcement comes amid notable volatility in the broader crypto market. Bitcoin (BTC), the largest cryptocurrency by market value, experienced sharp price swings last week.

BTC slid from a range near the low $70,000s to a weekly low around the mid-$60,000s before rebounding toward $67,000 at press time.

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BlockFills said the move was taken to safeguard liquidity during a period of heightened uncertainty.

“Management has been working hand in hand with investors and clients to bring this issue to a swift resolution and to restore liquidity to the platform,” BlockFills said.

In its statement, BlockFills stressed its commitment to transparency. The firm said it has remained in active dialogue with clients, including hosting information sessions and giving customers the opportunity to ask questions directly to senior management.

Updates will continue to be shared as developments occur, according to the company.

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The news, shared via the BlockFills X account, comes at a time of increased scrutiny around liquidity management across crypto trading firms, as market volatility continues to test operational resilience.

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Crypto World

Crypto Exchange Bithumb to Delay IPO until after 2028: Report

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Crypto Exchange Bithumb to Delay IPO until after 2028: Report

According to the company CFO, Bithumb was “strengthen[ing] accounting policies and internal controls” ahead of its IPO plans, already delayed from 2025.

South Korea-based cryptocurrency exchange Bithumb is reportedly expecting its initial public offering (IPO) sometime after 2028, in another delay after restructuring and regulatory hurdles.

According to a Tuesday report from Maeil Business News Korea, a Bithumb official said that it would “focus on preparing for the listing until 2027.” CFO Jeong Sang-gyun said at the company’s annual shareholder meeting that Bithumb was “strengthen[ing] accounting policies and internal controls” following an IPO advisory contract with Samjong KPMG.

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Shareholders reconfirmed CEO Lee Jae-won for a two-year appointment at the Tuesday meeting, but the delayed IPO timeline was the latest after Bithumb initially expected a 2025 listing. Under Lee, the exchange faced a six-month suspension and a $24 million fine from South Korean authorities for alleged anti-money-laundering violations.

A major South Korean exchange going public could impact local markets and crypto adoption in the country. Dunamu, the operator of crypto exchange Upbit, is reportedly planning an IPO following a share swap with Naver Financial, expected in September.

Related: South Korea tax agency seeks private crypto custodian after security lapses

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Bithumb made headlines in February after the exchange mistakenly credited many users with about 2,000 Bitcoin (BTC) instead of 2,000 South Korean won. The error briefly created internal balances totaling more than $40 billion, though most of the funds existed only on the exchange’s internal ledger and were later reversed.

Mixed signals in South Korea’s crypto policy shift

Lee Jae-myung took office as South Korea’s president in June 2025, and his political party quickly moved to introduce legislation on the issuance of payment stablecoins.

South Korean lawmakers initially proposed a tax hike on crypto gains expected to take effect in 2021. However, the measure has faced repeated delays and may be scrapped entirely, according to reports from March.

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As of March 2025, an estimated 16 million South Koreans held accounts on crypto exchanges.

Magazine: A newbie’s guide to surviving crypto winter