RootData: 116 crypto projects suffered complete failure in a year
RootData, a provider of visual and structured data on companies in the digital finance industry, has published the “2023 List of Dead Crypto Projects.”
The biggest names on the list were Prime Trust, Yield Protocol, Wyre, Multichain and Clockwork. In total, the RootData list included 116 crypto projects that announced their closure or bankruptcy during 2023, and also had inactive Internet resources for a long time. The most difficult period and the peak of the most high-profile fiascoes was the second half of 2023. At the end of June, amid the consequences of the crypto winter and as a result of Bolt Financial's refusal to purchase, the Wyre payment platform closed. In July, after the arrest of its founder and a series of hacks, Multichain went bankrupt. In August 2023, due to financial problems, the custodial service Crypto Custodian Prime Trust declared bankruptcy. At the same time as Prime Trust, the Solana blockchain-based smart contract automation project Clockwork ceased to exist due to “limited commercial potential.” October saw the closure of DeFi crypto lender Yield Protocol, which announced that the cessation of operations was due to a “lack of regulatory safety and sustained demand for fixed-rate borrowing.” RootData analysts note: in total, the amount of funds previously allocated for the creation and financing of “dead projects of 2023” exceeded $940 million.
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