Five Crypto Firms Shut Down Amid Ongoing Market Slump

At least five crypto firms have shut down this week as a prolonged market downturn continues to reduce user activity and restrict access to investor funding.

On Thursday, Fantasy.top, Everclear, and ZERO Network announced they are winding down, citing weak revenue and poor product-market fit. Earlier in the week, Syndicate Labs also said it is closing after five years amid a shrinking rollup market.

Adding to the exits, Bitcoin Depot filed for bankruptcy in the U.S. on Monday, pointing to financial strain and regulatory pressure.

These developments reflect broader pressure across the crypto sector this year. Bitcoin has fallen around 40% from its peak of $126,000 in early October, while many publicly listed crypto firms reported losses in the first quarter. The downturn has also contributed to significant workforce reductions, with more than 5,000 jobs cut across the industry so far this year.

Source: Fantasy.top, Everclear, and ZERO Network