Five Crypto Companies Gone in One Week — Here’s What Happened

TLDR

• At least five crypto companies closed this week, including Fantasy.top, Everclear, ZERO Network, Syndicate Labs, and Bitcoin Depot.
• Bitcoin has fallen roughly 40% from its peak of $126,000 in early October 2025.
• Fantasy.top shut down after trading volume failed to sustain operations over two years.
• ZERO Network, a gasless Ethereum Layer 2 launched in November 2024, is winding down and redirecting resources to Zerion’s wallet and API.
• Everclear cited a lack of commercial depth and failed acquisition talks before closing.

Five crypto companies collapsed in a single week as a prolonged bear market continues to squeeze funding and user activity across the industry.

Fantasy.top, Everclear, ZERO Network, Syndicate Labs, and Bitcoin Depot all announced closures between Monday and Thursday. The wave of closures adds to a broader trend that has seen more than 5,000 crypto industry layoffs this year.

Bitcoin has fallen about 40% from its peak of $126,000 in early October 2025. That drop has put pressure on companies that relied on active markets to generate revenue.

Fantasy.top and Everclear Run Out of Road

Co-founder “Kipit” said the platform tried layering crypto onto a model that was never built for it, attracting users who wanted to profit from cards rather than enjoy trading card games as a hobby.

Everclear, a cross-chain infrastructure company, closed both its Foundation and Labs divisions. It said the protocol “never developed the commercial depth we needed.”

ZERO Network Shuts Down After 18 Months

ZERO Network, an Ethereum Layer 2 focused on gasless transactions, is winding down after launching in November 2024. The team said resources will be redirected to grow Zerion’s wallet and API products.

Users have until the end of July to bridge their assets out of ZERO. Bridging into the network has already been stopped.

Syndicate Labs, an Ethereum infrastructure provider, also announced it was closing after five years, citing a shrinking rollup market.

Bitcoin Depot, a crypto ATM company, filed for bankruptcy on Monday, pointing to financial strain and regulatory pressure.

Other closures earlier this year include crypto mobile app Legend, Solana aggregator Step Finance, and lending protocol Seamless.

Not every crypto project is struggling. Hyperliquid, a perpetual futures platform, saw its token trade above $62 on Thursday. Prediction markets Kalshi and Polymarket recorded a combined record monthly volume of $23.8 billion in April.

Research from NYDIG noted in February that investor attention is narrowing, with capital flowing mainly to projects that connect traditional finance to blockchain infrastructure.

Major public crypto companies including Coinbase, Galaxy Digital, Bullish, and BitGo all posted first-quarter losses.

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