Crypto Market Suffers Wave of Closures with BitMEX, Loopring, and SecondFi Shutting Down
The crypto market has seen another wave of closures with seven projects shutting down in 2026. Among them are names like BitMEX, Loopring, and SecondFi, which once defined entire categories.
BitMEX, launched in 2014, is one of the oldest and most consequential. It invented the 100x leverage perpetual swap, a product now offered by nearly every major exchange. The company announced it would close for good on September 23, 2026, after a strategic review.
YGG Play, a Web3 game publishing arm of Yield Guild Games, is closing its division and laying off 35 employees. Its YGG token trades around $0.019 with a market cap near $15.0M. Ctrl Wallet, a self-custody wallet supporting over 2,500 blockchains, is shutting down due to a security exploit.
Movement Labs, the company behind the Movement blockchain, filed for Chapter 11 bankruptcy after raising more than $141 million from investors but failing to generate enough on-chain revenue. Loopring shut down its decentralized exchange and relayer due to low adoption, lack of virtual machine architecture, and exchange delistings.