Blocto Wallet announces upcoming shutdown after five years of operation due to ongoing losses

PANews December 17 News, according to an official announcement from Blocto, the wallet service will cease operation after five years. The project team stated that due to the FLOW token price dropping over 99% from its peak in 2021, the project has been continuously incurring losses, totaling over $5.5 million in losses over five years. Despite attempts to communicate with the Flow/Dapper leadership since June this year to seek sustainable solutions, no effective response or meeting opportunities have been received, and current operating funds have been exhausted. The Blocto Wallet, BloctoSwap, and Blocto Teleport services will officially shut down at 7:00 PM PST on December 18, 2025. Users must withdraw all assets from liquidity pools and bridge cross-chain assets back to the original network before the deadline. For users in custodial mode, private keys must be manually exported to switch to non-custodial mode before then; otherwise, wallet access will be permanently lost. The Blocto staking service will continue to operate, and users do not need to unstake; they can manage their assets by importing private keys into other wallets. The team reminds users to be vigilant against scams and never disclose private keys to anyone. Earlier in 2023, multi-chain wallet Blocto completed Series A funding at a valuation of $80 million, with participation from Mark Cuban and others.