Flow Ecosystem Mainstream Wallet Blocto Announces Shutdown, FLOW Price Drops Over 99% Leading to Prolonged Project Losses, Unsuccessful Attempts to Meet with Leadership Over Six-Month Period

On December 17, cross-chain smart wallet project Blocto shared on social media: “After serving over 2 million users for five years, we’re announcing with heavy hearts that Blocto Wallet will cease operations. As one of Flow’s earliest ecosystem supporters, Blocto built key infrastructure for the network—including the Blocto Wallet, BloctoSwap, Blocto Cross-chain Bridge, and BloctoBay. We also ran the most widely used FLOW staking node and collaborated with top projects to serve millions of users; we’re incredibly proud of that work. However, focusing solely on building great products isn’t always sustainable. The FLOW token’s price has plummeted from nearly $40 in 2021 to under $0.3 today (a 99%+ drop), leaving Blocto operating at a steep loss. Over the past few years, we’ve racked up over $5.5 million in losses to maintain community services—but this can’t go on forever. When we realized our operating funds were running out, we started reaching out to Flow/Dapper leadership in June this year. After six months of relentless efforts, we never secured a meeting with leadership. Each email exchange took weeks, and our remaining funds kept dwindling. During this time, we received no clear support or constructive talks about a sustainable path forward. Now, we can’t afford to keep covering these costs. Starting at 7 p.m. PST on December 18, 2025 (the termination date), Blocto Wallet, BloctoSwap, and the Blocto Cross-chain Bridge will stop operating. Blocto’s own staking node service remains unaffected.” Notably, Blocto raised an $80 million Series A round in February 2023, valuing the company at an estimated $800 million. The round was backed by Mark Cuban, IPX, and 500 Global (specific investment amounts weren’t disclosed). At the time, Blocto supported networks including Aptos, Ethereum, Solana, Polygon, Flow, and BNB Chain.