Five major crypto companies shut down amid market downturn
Due to the ongoing decline in the cryptocurrency market and reduced investor activity, at least five crypto companies announced the cessation of their operations this week. Market conditions and financial difficulties forced projects such as Fantasy.top, Everclear, and ZERO Network to abandon product development. This was reported by Cointelegraph.com reporting .
Specifically, Syndicate Labs, which focused on Ethereum infrastructure, announced its closure after five years of operation. Meanwhile, the major US crypto-ATM operator Bitcoin Depot filed for bankruptcy due to financial pressure and regulatory requirements. As a result of this year's market crisis, the price of Bitcoin has fallen by nearly 40 percent from its October peak of 126,000 USD.
The Fantasy.top platform stated on its X page that trading volume was insufficient to support long-term operations. According to the company's founders, they tested various directions, including prediction markets, but were unable to find a sustainable revenue model.
The Everclear protocol is also ceasing operations due to a lack of commercial depth and delays in partnership projects. The company is considering making its protocol open-source. The ZERO Network team decided to shut down the network to focus its efforts on its wallet and data service project, Zerion.
Overall, the current year has been difficult for the crypto industry. Many public companies reported losses in the first quarter, and more than 5,000 employees have been laid off across the sector. This trend indicates that liquidity problems in the crypto market still persist.
