TLDR
- A minimum of five cryptocurrency firms announced closures within a single week: Fantasy.top, Everclear, ZERO Network, Syndicate Labs, and Bitcoin Depot.
- Bitcoin has declined approximately 40% from its October 2025 all-time high of $126,000.
- The crypto trading card platform Fantasy.top ceased operations after insufficient trading activity over its two-year lifespan.
- Ethereum Layer 2 solution ZERO Network, which launched in November 2024 with gasless transactions, announced its shutdown with resources shifting to Zerion’s core products.
- Cross-chain platform Everclear cited insufficient market traction and unsuccessful acquisition negotiations as reasons for closure.
A single week witnessed the collapse of five cryptocurrency companies as an extended bear market continues to drain funding and suppress user engagement throughout the sector.
Between Monday and Thursday, Fantasy.top, Everclear, ZERO Network, Syndicate Labs, and Bitcoin Depot all declared they were ceasing operations. This cluster of shutdowns contributes to an accelerating pattern that has resulted in over 5,000 job cuts within the crypto sector this year alone.
The flagship cryptocurrency has tumbled roughly 40% from its $126,000 zenith reached in early October 2025. This substantial decline has created intense pressure on businesses that depended on vibrant market conditions for revenue generation.
Fantasy.top and Everclear Run Out of Road
The crypto trading card platform Fantasy.top announced it would cease all operations in June following a two-year run. Leadership stated that transaction volume “was not sufficient to sustainably support long-term operations.”
Co-founder “Kipit” explained that the platform attempted to graft cryptocurrency mechanics onto a foundation that wasn’t designed for it, ultimately drawing users motivated by speculative profits rather than genuine trading card enthusiasts.
Everclear, which focused on cross-chain infrastructure solutions, shuttered both its Foundation and Labs operations. The company acknowledged that its protocol “never developed the commercial depth we needed.”
Everclear’s leadership explored potential acquisition scenarios and pivoted toward a partnership-driven approach, but admitted they “underestimated how long it would take those partners to go live.” The project’s native token experienced a steep decline following the closure announcement.
ZERO Network Shuts Down After 18 Months
ZERO Network, an Ethereum Layer 2 blockchain specializing in gasless transactions, announced its wind-down after an 18-month run since its November 2024 debut. The development team confirmed that assets and personnel will be consolidated to strengthen Zerion’s wallet and API offerings.
“The world didn’t need more blockchains,” stated Evgeny Yurtaev, Zerion’s co-founder and CEO. “It needs a better way to access them.”
ZERO Network users have until the conclusion of July to withdraw their assets via bridge. The platform has already disabled inbound bridging functionality.
Ethereum infrastructure provider Syndicate Labs similarly announced its closure after five years of operations, attributing the decision to a contracting rollup market environment.
Crypto ATM operator Bitcoin Depot submitted bankruptcy filings on Monday, citing mounting financial difficulties and intensifying regulatory challenges.
Earlier closures in 2025 include crypto mobile application Legend, Solana-based aggregator Step Finance, and decentralized lending protocol Seamless.
Despite widespread struggles, some crypto ventures continue thriving. Perpetual futures platform Hyperliquid saw its native token exceed $62 on Thursday. Meanwhile, prediction market platforms Kalshi and Polymarket collectively achieved an unprecedented monthly trading volume of $23.8 billion in April.
A February analysis from NYDIG observed that investor focus is becoming increasingly selective, with capital predominantly flowing toward projects that bridge traditional financial systems with blockchain technology.
Meanwhile, prominent publicly-traded cryptocurrency firms including Coinbase, Galaxy Digital, Bullish, and BitGo all reported financial losses for the first quarter.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
