Archblock LLC (formerly TrustToken), creator of TrueUSD (TUSD) and TrueFi, filed for Chapter 11 in Delaware on Feb. 6. The filing lists six debtor entities, reports over $100 million in liabilities and roughly $10 million in assets, and names Alameda Research as a potential unsecured creditor with an $8.5 million claim. The filing references Celsius Network as a stablecoin holder/unliquidated creditor and follows prior litigation in which Celsius accused the firm of misrepresenting collateral backing for TrueCurrency tokens. The move occurs amid broader industry downturn with exchange and dApp closures and layoffs.

The Chapter 11 filing reports >$100M in liabilities versus roughly $10M in assets and explicitly names Alameda Research with an $8.5M claim; it also references Celsius and prior litigation alleging misrepresentation of collateral for TrueCurrency. Those concrete legal and creditor facts create clear downside risk for Archblock’s stablecoin and related tokens, making the story negative and likely to prompt trading actions.