Crypto Projects and Exchanges Shut Down Amid Financial Woes
Several cryptocurrency projects and exchanges have announced shutdowns this month, leaving their users and investors in uncertainty.
Linera, a blockchain project that had received $12 million from venture capital firm Andreessen Horowitz (a16z), has wound down due to insufficient funding. The project's target of raising $1.5 million was only met with around $848,000.
Awarizon, another small blockchain project for app distribution, paused indefinitely after realizing its low real user engagement and high server costs. Router Protocol, a bridge for moving coins between chains, is shutting down by September 30 due to revenue shortfalls and high costs. Coinbase Ventures had backed the project.
Switchboard, an oracle project providing off-chain data and prices since 2021, will shut down by September 25 due to falling demand and inability to cover costs. Coinex, a crypto exchange that has been around since 2017, has announced trading stop on September 29 with withdrawals remaining open until December 22.