Crypto Market Carnage: Five Blockchain Firms Collapse in Just Seven Days

Quick Overview

• A minimum of five cryptocurrency firms announced closures this week: Fantasy.top, Everclear, ZERO Network, Syndicate Labs, and Bitcoin Depot.
• Bitcoin has declined approximately 40% from its October 2025 all-time high of $126,000.
• Fantasy.top announced its shutdown after insufficient trading volume over its two-year operational period.
• ZERO Network, an Ethereum Layer 2 solution offering gasless transactions launched in November 2024, is shutting down with resources being reallocated to Zerion’s wallet and API services.
• Everclear blamed inadequate market traction and unsuccessful merger negotiations for its closure decision.

The cryptocurrency sector witnessed a devastating week as five blockchain companies announced their shutdowns within just seven days, reflecting the ongoing bear market’s brutal impact on industry sustainability.

Between Monday and Thursday, Fantasy.top, Everclear, ZERO Network, Syndicate Labs, and Bitcoin Depot all revealed closure plans. This cluster of failures contributes to an alarming industry-wide pattern that has already resulted in over 5,000 job cuts throughout the current year.

The cryptocurrency market leader has experienced a devastating 40% correction from its $126,000 peak reached in early October 2025. This significant price deterioration has created severe financial pressure on firms dependent on vibrant market activity for revenue generation.

Fantasy.top and Everclear Announce Permanent Shutdowns

Co-founder “Kipit” explained the platform’s fundamental flaw: attempting to integrate cryptocurrency into a framework incompatible with blockchain technology, ultimately attracting speculators seeking card profits rather than genuine trading card enthusiasts.

Everclear, which focused on cross-chain interoperability solutions, shuttered both its Foundation and Labs operations. The company admitted the protocol “failed to achieve the market penetration necessary for sustainability.”

ZERO Network Ceases Operations After 18-Month Run

ZERO Network, an Ethereum Layer 2 blockchain specializing in zero-fee transactions, is terminating operations following its November 2024 launch. The development team announced that personnel and capital will be refocused on expanding Zerion’s wallet infrastructure and API offerings.

ZERO Network users have until the conclusion of July to withdraw their digital assets from the platform. Incoming bridge transactions have already been disabled.

Earlier 2025 closures include crypto mobile application Legend, Solana-based aggregator Step Finance, and decentralized lending platform Seamless.

Despite the widespread distress, certain projects continue thriving. Hyperliquid, a perpetual futures trading platform, witnessed its native token surge past $62 on Thursday. Prediction market platforms Kalshi and Polymarket collectively achieved an unprecedented $23.8 billion in monthly trading volume during April.

NYDIG research published in February highlighted a consolidation trend, with investment capital increasingly concentrated in projects bridging traditional financial systems with blockchain technology.

Meanwhile, prominent publicly-traded cryptocurrency firms including Coinbase, Galaxy Digital, Bullish, and BitGo all reported first-quarter financial losses.

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