Wu Blockchain (@WuBlockchain): Abstract to Shut Down on Dec. 15; Igloo Says It Lost Tens of Millions Over Two Years
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- PENGU+15Positive
Abstract to Shut Down on Dec. 15; Igloo Says It Lost Tens of Millions Over Two Years Abstract will shut down on December 15, 2026, citing high operating costs, limited liquidity, a restricted DeFi ecosystem and weaker market demand. Parent company Igloo said it lost tens of millions of dollars over the past two years keeping Abstract operating while searching for product-market fit and profitability. In July 2024, Igloo raised over $11 million in a Founders Fund-led round to establish Cube Labs and support Abstract’s development. Igloo will now refocus resources on Pudgy Penguins, Pudgy NFTs and PENGU.