Flow ecosystem's mainstream wallet Blocto announces suspension, FLOW token price drops over 99%, leading to long-term losses for the project. Attempts to meet with the leadership over the past six months have been unsuccessful.

BlockBeats News, December 17 — Cross-chain smart wallet project Blocto announced on social media: “After serving over 2 million users for five years, we regret to inform you that Blocto Wallet service will soon be discontinued. As one of the earliest supporters of the Flow ecosystem, Blocto built the main infrastructure for this ecosystem, including the Blocto Wallet, BloctoSwap, Blocto Cross-Chain Bridge, and BloctoBay. We also established the most widely used FLOW staking nodes. We have collaborated with top projects, serving millions of users, and we are incredibly proud of that. However, focusing solely on building excellent products is not always sustainable. As the FLOW price has fallen from nearly $40 in 2021 to below $0.3 now (a decline of over 99%), Blocto has been operating at a severe loss. Over the past few years, we have accumulated losses exceeding $5.5 million to maintain community services. But this cannot last forever. Realizing that operational funds are running out, we began attempting to communicate with the leadership of Flow/Dapper in June of this year. After six months of relentless effort, we failed to secure any meetings with the leadership. Each email exchange took weeks, while our remaining funds continued to deplete. During these months, we received neither clear support nor constructive discussions on sustainable development paths. Now, we have no funds left to continue bearing these costs. Starting from 7:00 PM PST on December 18, 2025 (termination date), Blocto Wallet, BloctoSwap, and Blocto Cross-Chain Bridge will cease operations. The staking services for Blocto’s own nodes will remain unaffected.” It is worth noting that Blocto completed Series A funding in February 2023 with a valuation of $80 million, with participation from Mark Cuban, IPX, and 500 Global; the specific funding amount was not disclosed. At that time, Blocto supported networks including Aptos, Ethereum, Solana, Polygon, Flow, and BNB Chain.