The crypto wallet application Blocto will be temporarily suspended.
TL;DR
Cryptocurrency wallet app Blocto will cease operations on December 19th due to long-term losses and unsustainable funding, with users advised to withdraw assets and switch modes before shutdown.
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According to Foresight News , cryptocurrency wallet app Blocto tweeted that it will officially cease operations after five years. Affected by the price of FLOW plummeting from a high of nearly $40 in 2021 to less than $0.30 (a drop of over 99%), Blocto has been operating at a loss for a long time, accumulating over $5.5 million in operating losses over the past few years. Furthermore, it failed to achieve substantial communication with Flow/Dapper executives, making its funding unsustainable.
Blocto Wallet, BloctoSwap, and Blocto Teleport will cease operations at 11:00 AM Beijing time on December 19th. Blocto staking node services will not be affected; users can continue managing their staked assets by exporting their private keys to other wallets without unstaking. Users are advised to withdraw their Swap liquidity and transfer their tUSDT from the Flow chain back to Ethereum before the deadline. Users in custodial mode must switch to non-custodial mode and export their private keys before the shutdown; otherwise, they may permanently lose access to their assets.