YASH RAJ

Following our previous communication regarding the temporary suspension of client deposits and withdrawals, BlockFills wishes to provide an important update. After extensive discussions with investors, clients, creditors, and other stakeholders, BlockFills has determined that a voluntary chapter 11 filing is the most responsible path forward in order to preserve the value of the business and maximize recoveries for stakeholders. This filing will allow the firm to implement an orderly restructuring while maintaining transparency and oversight through the court-supervised process. To that end, on March 15, 2026, certain BlockFills-related entities filed a voluntary petition to restructure under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. The BlockFills team has worked diligently to pursue and evaluate all available strategic and financial alternatives and believes initiating a chapter 11 process, with the intention of consummating a consensual restructuring with our clients and creditors, will provide the necessary time and structure to stabilize the business, pursue additional sources of liquidity and recovery, and explore potential strategic transactions. Protecting client interests remains a priority for the firm. BlockFills intends to continue engaging constructively with its clients, creditors, investors, and other stakeholders throughout the restructuring process and will provide updates as additional information becomes available. BlockFills appreciates the patience and cooperation clients, creditors, and investors have demonstrated throughout this process.

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