Pingu Exchange announces permanent closure, the platform will enter a sell-only mode starting at 21:00 UTC+8 on June 3, no longer opening new positions, and will shut down the dApp after settlement at 21:00 UTC+8 on July 31. Pingu launched on Arbitrum in January 2024, initially raising about $270k, with a total trading volume approaching $2.4 billion within 18 months, and distributing approximately $650k worth of ETH and USDC to stakers. The team stated that they bet on Monad but failed to turn things around; six months after mainnet launch, the trading volume was about $80 million, and since February, the team has not received salaries, currently lacking sufficient funds and energy to continue operations. Pingu will allocate 64.46 ETH as concentrated liquidity for PINGU/ETH, providing an exit for users who bought and still hold PINGU on Arbitrum in 2024; the project's treasury holding 57% of the supply will not participate in claims. The team also stated that they are unable to fulfill the Monad points activity and apologized to the community.