Igloo, the company behind the Pudgy Penguins NFTs, announced it will shut down Abstract, its Ethereum layer-2 blockchain, on December 15. CEO Luca Netz said the company had lost "8 figures" in the less than two years they were running the chain.
Users have until December 15 to move their assets, after which anything left on the chain will become inaccessible. DefiLllama estimates there were around $76 million in assets on the chain when the shutdown was announced, leading some users to complain that the wind-down period is too short.
The shutdown comes a few months after Igloo , which had dropped to around 200–300 active users shortly after its launch, and also lost the company millions of dollars.shut down its mobile gamePudgy Party