Blocto wallet announced its impending closure after five years of operation due to continuous losses.
PANews reported on December 17th that, according to an official announcement from Blocto, the wallet service will be shutting down after five years of operation. The project stated that the price of the FLOW token has fallen by more than 99% from its 2021 high, resulting in continuous losses and accumulating over $5.5 million in losses over the past five years. Despite attempts to communicate with the Flow/Dapper leadership since June of this year to seek sustainable solutions, they have failed to receive a valid response or a meeting, and their operating funds have now been exhausted.
Blocto Wallet, BloctoSwap, and Blocto Teleport services will officially shut down at 7 PM PST on December 18, 2025. Users must withdraw all liquidity pool assets and bridge their cross-chain assets back to their original networks before the deadline. For users in custodial mode, they must manually export their private keys to switch to non-custodial mode before then; otherwise, they will permanently lose wallet access. The Blocto staking service will continue to operate; users do not need to unstake their assets and can manage them by importing their private keys to other wallets. The team reminds users to be vigilant against scams and never disclose their private keys to anyone.
In 2023, it was previously reported that the multi-chain wallet Blocto completed its Series A funding round at a valuation of $80 million , with Mark Cuban and others participating in the investment.
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