The wave of bearish shutdowns of crypto projects continues, and deep clean-up of the industry accelerates reshuffle

Comparing news, crypto projects are shutting down again. Crypto trading platform AscendEX announced yesterday that it will cease operations, and the reason is due to the current market environment and the impact of the European Union's “Crypto Asset Market Regulation Act” (MiCA); Zapper, a DeFi data panel and asset portfolio tracking tool, announced that it will completely shut down websites, mobile apps, and APIs on August 3; YGG Play, a game distribution division under the Web3 gaming association YGG, will also cease operations and lay off 35 jobs on August 1.

Although the crypto market has picked up from its previous low, the overall industry has not escaped the impact of the bear market. Capital, financing, and user growth continue to be under pressure, and many projects are difficult to maintain under operating costs and commercialization pressure. In recent years, a large number of projects, from trading platforms and DeFi infrastructure to NFTs, wallets, and Web3 games, have announced that they will stop operating or reduce their business one after another, and the crypto industry is still in a continuous clean-up phase.

For users, they should pay timely attention to the project's official announcements, withdraw platform assets as soon as possible, and avoid financial risks caused by service termination or insufficient liquidity. At the same time, priority is given to choosing platforms and agreements with transparent capital, sufficient reserves, and compliant operation, and decentralized asset escrow to reduce potential losses caused by the shutdown or operating risks of a single platform.