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Wave of crypto project shutdowns persists in the bear market, deep industry consolidation and reshuffling accelerate.

1 hours ago

Crypto projects face a fresh wave of shutdowns. Crypto trading platform AscendEX announced yesterday it will cease operations, citing the current market environment and the impact of the EU’s Markets in Crypto-Assets (MiCA) regulation. DeFi data dashboard and portfolio tracking tool Zapper announced it will fully shut down its website, mobile app, and APIs on August 3. Web3 gaming guild YGG’s game publishing arm YGG Play will also cease operations on August 1, cutting 35 jobs. While crypto prices have rebounded from their recent lows, the broader industry remains mired in a bear market, with persistent pressure on capital, financing, and user growth. Many projects are struggling to sustain operations amid operational costs and commercialization pressures. In recent years, a large number of projects across sectors including trading platforms, DeFi infrastructure, NFTs, wallets, and Web3 games have announced shutdowns or scaled back operations, as the crypto industry continues its phase of consolidation. For users, it is advised to closely monitor official project announcements, withdraw platform assets as soon as possible to avoid capital risks caused by service terminations or insufficient liquidity. Additionally, users should prioritize platforms and protocols with transparent finances, sufficient reserves, and compliant operations, and diversify asset custody to mitigate potential losses from the shutdown or operational risks of a single platform.

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The DMind Benchmark, developed by the Minara Team, has been officially accepted for inclusion in KDD 2026, becoming the first digital asset × AI large language model evaluation benchmark to be featured at a top international conference.

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