Five Crypto Firms Announce Closures or Bankruptcy This Week as Market Slump Persists

The cryptocurrency market has fallen about 40% since Bitcoin reached a high of $126,000 in early October 2025, while trading activity and venture funding have both contracted. The industry has cut more than 5,000 jobs so far in 2026. The downturn has put mounting pressure on infrastructure providers and consumer applications that lack steady revenue and depend on tokens and fresh financing to survive.

Fantasy.top, Everclear and ZERO Network announced on May 21 that they would wind down. Fantasy.top will end two years of operations in June, while Everclear struggled to turn monthly trading volume of $500 million into revenue. Syndicate Labs announced on May 20 that it would close after five years of operations. Bitcoin Depot filed for Chapter 11 on May 17 and will sell its assets and liquidate.