Burned 170 million in 5 years! Taiwan's Blocto Wallet announces shutdown, criticizing Flow official for cold treatment

2025-12-18 07:07:31

Abstract generation in progress

Taiwan Blockchain Industry Shockwave: Startup “Portto” Announces Closure of Flow Ecosystem Wallet “Blocto”

The Flow ecosystem wallet “Blocto,” developed by the startup company “Portto,” has issued a solemn announcement, stating that due to funding exhaustion and ecosystem support interruption, the wallet and DeFi services will be officially shut down.

Having closely collaborated with Dapper Labs, the parent company of NBA Top Shot, and entering the international stage as the “most user-friendly wallet,” Blocto has operated for 5 years, serving over 2 million users, and will terminate its Blocto wallet services by the end of this year.

Burned 170 Million in 5 Years

In the announcement, the Blocto team openly admitted that the main reason for operational difficulties was the collapse of the ecosystem token $FLOW . From a high of nearly $40 in 2021, it plummeted to below $0.3, a decline of over 99%.

To maintain normal service operation, Blocto has borne operational losses exceeding $5.5 million (about NT$170 million) over the past few years. However, this situation could not be sustained for long.

Realizing that operational funds were about to run out, the Blocto team has been attempting to contact the leadership of Flow and Dapper Labs for solutions since June this year. Despite half a year of efforts, not even a single meeting opportunity was secured. Email exchanges were time-consuming, and even at the brink of funds depletion, the other party still did not provide substantial support or constructive dialogue.

“We no longer have the funds to cover these costs,” the Blocto team wrote helplessly, announcing that this 5-year journey has come to an end.

Withdrawals Must Be Completed by December 19; Assets May Be Lost After Deadline

The announcement states that the Blocto wallet, BloctoSwap exchange service, and Blocto Teleport cross-chain bridge will officially close at 11:00 AM Taiwan time on December 19 (7:00 PM Pacific Time on December 18). Users must complete asset withdrawals before this deadline, or they may permanently lose access to their assets:

Withdraw Liquidity: If you have provided liquidity in BloctoSwap, please withdraw immediately;
Cross-Chain Asset Withdrawal: If you hold tUSDT on the Flow chain, you must immediately bridge it back to Ethereum via Blocto Teleport.

Additionally, if users are currently using the “custodial mode” managed by Blocto, they must manually switch to “non-custodial mode” and export their private keys; otherwise, they will permanently lose control of their wallet assets.

The official Blocto team emphasizes that they will never ask users for private keys and urges users not to give private keys to any suspicious individuals claiming to be customer service.

Staking Services Are Not Affected

The only fortunate news is that Blocto’s node staking services will continue to operate, ensuring the safety of user assets. Users only need to import their private keys into other Flow-supported wallets (such as Lilico) to continue managing their assets. Do not rush to unstake to avoid losing accumulated rewards.

Final Farewell

Looking back at Blocto’s glorious history, it was the first to develop login solutions via email and social accounts, significantly lowering the barrier for newcomers to enter Web3. As one of the earliest pioneers on the Flow chain, it built infrastructure that not only served millions of users but also collaborated with many top IP projects.

“Without you, Blocto wouldn’t have made it this far. Even though this chapter is ending, we want to express our deepest gratitude.” In the final statement, the Blocto team concluded with thanks, bidding farewell to the community that accompanied them for 5 years, marking a brilliant yet regrettable chapter in Taiwan’s blockchain history.

_ Disclaimer: This article is for market information only. All content and viewpoints are for reference only and do not constitute investment advice. They do not represent the objective opinions and positions of BlockCast. Investors should make their own decisions and transactions. The author and BlockCast are not responsible for any direct or indirect losses resulting from investor transactions. _

Tags: Blocto Dapper Labs Flow portto Cryptocurrency Taiwan Multi-chain Wallet PortalTech

FLOW-0.11%

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.