Blocto wallet announced its impending closure after five years of operation due to continuous losses.

According to an official announcement from Blocto, the wallet service will be shut down after five years of operation. The project team stated that the FLOW token price has fallen by more than 99% from its 2021 high, resulting in continuous losses and accumulating over $5.5 million in losses over the past five years. Despite attempts to communicate with Flow/Dapper leadership since June of this year to seek sustainable solutions, they have failed to receive a valid response or a meeting, and their operating funds have now been exhausted.