Crypto Shakeout: Over 100 Projects Shut Down as Industry Tests Its Value
Crypto is currently experiencing a shakeout similar to the dot-com bubble, with over 100 projects shutting down or filing for bankruptcy in 2026, according to MoonPay President Keith Grossman.
Grossman, who has seen multiple cycles in the industry since joining WIRED in 2002, notes that this downturn is forcing crypto companies to reevaluate their business models and ask a fundamental question: are they creating products that people actually need?
The shutdowns range from exchanges like BitMart and BitMEX, which are winding down trading operations, to DeFi projects and NFT marketplaces, with several having ceased operations or declared bankruptcy.
Grossman compares the situation to the dot-com collapse, arguing that just as the internet's failure did not mean the technology itself had failed, but rather showed that being an internet company was not enough to create a viable business, crypto is facing a similar test.