Crypto Briefing • October 7th 2026, 12:07 AM
Pudgy Penguins parent Igloo shuts down Abstract after tens of millions in losses
Key Summary
Igloo Inc. is shutting down its consumer-focused Ethereum layer 2 network Abstract, citing tens of millions in losses despite its success in onboarding users and brand partners. The chain will go dark on December 15, 2026, with users needing to migrate assets before then.
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Igloo's shutdown of Abstract highlights the challenges of sustaining blockchain ventures despite user engagement and brand partnerships.
#Ethereum#US#Crypto#SEC#Layer2