Mark Cuban Investment's Blocto Wallet accumulates over $5.5 million in losses over 5 years, service to end by the end of 2025

Blocto Wallet has officially announced the end of its service next year. Despite raising funds from prominent investors including Mark Cuban, ongoing losses have led to the closure of its five-year history. According to public news reports, the project team issued an official statement on December 17, revealing that the services for Blocto Wallet, BloctoSwap, and Blocto Teleport will officially end at 7:00 PM (Pacific Standard Time) on December 18, 2025.

FLOW Token Drops Over 99%, Business Foundation Collapses

The main reason for Blocto’s deteriorating management is the significant loss in value of the underlying FLOW token. FLOW peaked at $42.40 in 2021, but has now fallen to $0.08. The decline exceeds 99%, and the rapid reduction in token value has dealt a severe blow to the entire project.

Along with this dramatic price drop, the Blocto team has recorded over $5.5 million in cumulative losses over the past five years. Since June, they have held multiple discussions with the management of Dapper Labs, the developer of Flow, regarding sustainable business strategies. However, no effective solutions or ongoing support have been obtained, and it was ultimately determined that continuing the service is no longer feasible.

3 Critical Procedures Users Must Act on Urgently

With the closure of Blocto, users need to complete the following procedures by the deadline:

Asset Withdrawal from Liquidity Pools: All assets deposited in BloctoSwap liquidity pools must be withdrawn. Failure to do so may result in losing access to the deposited assets.

Return of Cross-Chain Assets: Assets scattered across multiple networks via Blocto Teleport must be bridged back to their original blockchains.

Switching from Custody Mode: Users utilizing Blocto’s custody mode (where the wallet company manages the private keys) must manually export their private keys and switch to non-custodial (self-managed) mode by the deadline. Failure to do so will result in permanent loss of access to the wallet.

The team strongly emphasizes vigilance against scams and the absolute non-disclosure of private keys.

Fundraising from Prominent Investors Including Mark Cuban Could Not Save the Business

Despite these challenging circumstances, Blocto was once highly regarded. In 2023, it successfully raised funds in a Series A round valued at $80 million, with participation from prominent investors including Mark Cuban. However, the subsequent sharp decline of the FLOW token and stagnation across the Flow/Dapper ecosystem made it impossible to continue the business even with the raised funds.

Note that the staking service provided by Blocto will continue to operate. Users currently staking do not need to解除 their assets, and can continue managing their assets by importing their private keys into other wallets.