One of the most high-profile losses was BitMEX—one of the oldest cryptocurrency exchanges, founded in 2014 by entrepreneurs in Hong Kong, according to RBC. The company later relocated its registration to the Seychelles. BitMEX was the first to popularize the market for perpetual cryptocurrency futures—today, virtually all major crypto exchanges use this instrument.
BitMart, an international crypto exchange registered in the Cayman Islands and serving users from more than 180 countries, also announced its closure. The platform had been operating for nearly ten years and was previously ranked among the world’s top 20 exchanges by trading volume. Following the announcement of its closure, on-chain analysts reported potential issues with the withdrawal of customer funds.
Another international platform—AscendEX, registered in Singapore—ceased operations on July 1. The company attributed the decision to the entry into force of new European crypto market regulations (MiCA), the lack of the necessary license, and financial difficulties.
In Europe, the problems proved to be no less serious. On July 16, a court in Rotterdam declared the Dutch crypto exchange Knaken bankrupt. According to the company, approximately €7 million in client funds could not be located.
EXMO—one of the oldest crypto exchanges in Eastern Europe, registered in Poland—has also begun liquidation proceedings. The platform had been operating since 2014 and was well known to users from CIS countries. The company attributed the closure to UK sanctions and other regulatory restrictions.
The crisis has affected more than just crypto exchanges. Zapper, one of the first DeFi portfolio management services—in which American billionaire Mark Cuban invested—will cease operations on August 3.
In June, the decentralized exchange Loopring—one of the first projects to use zkRollup technology to speed up the Ethereum network—shut down. The project was once publicly supported by Ethereum co-founder Vitalik Buterin.
Infrastructure projects have also faced challenges. For example, Movement Labs, a company developing blockchain solutions, filed for bankruptcy. Its assets are estimated at $100,000–$500,000, while its liabilities amount to $10 million.
As of July 1, the Polygon zkEVM network—one of the Polygon ecosystem’s solutions for faster and cheaper transactions on Ethereum—officially ceased operations. The South Korean blockchain ICON also plans to shut down by the end of the year; after its launch in 2017, it was among the top 20 cryptocurrencies by market capitalization.
The downturn continues in the NFT market as well. In April, the U.S.-based platform Nifty Gateway, owned by the Winklevoss brothers, shut down. It was through this platform that the artist Beeple sold some of the most expensive digital artworks. In August, NFTfi, one of the first NFT-backed lending services, will also cease operations.
Companies involved in mining are also facing serious difficulties. Bitcoin Depot, a U.S. operator of crypto ATMs that managed the largest network of such devices in North America, filed for bankruptcy in May. The Chinese mining pool Poolin is undergoing a similar process; at its peak, it accounted for more than 20% of the Bitcoin network’s computing power. Its debt is estimated at approximately $173 million.
The closure of these companies has been one of the most notable consequences of the 2026 bear market. Some industry players are ceasing operations, while others are changing their business models—for example, by shifting to building infrastructure for artificial intelligence or abandoning their previous strategy of accumulating Bitcoin.
