The cryptocurrency wallet Blocto, which has served over 2 million users and is regarded as one of the core infrastructures of the Flow ecosystem, officially announced that it will stop wallet-related services on December 18 this year, marking the end of its five-year operation. The officials admitted that the sluggishness of the Flow ecosystem and long-term losses have left the team unable to bear the operating costs any longer. During the NFT period, the NBA Top Shot series on the Flow public chain became an instant hit, and Blocto was the official partner wallet. It was also previously invested in twice by former Mavericks owner Mark Cuban, with a valuation of 80 million USD.
Once rose to fame with NBA Top Shot, Cuban also invested in Taiwanese startups.
The Blocto team reflected in the announcement that since its establishment, it has been on a mission to 'build the world's most user-friendly Web3 wallet.' In an era where EOA wallets are still mainstream, it was the first to launch email and social account login mechanisms and successfully helped a large number of users enter the Web3 world by reducing the barriers to blockchain use through SDK.
During the NFT period, the NBA Top Shot series on the Flow public chain became an instant hit, with Blocto serving as the official partner wallet. Blocto's private placement round was invested in by Alameda Research under FTX, Hengxin Capital, Animoca Brands, and CMS Holdings, with former NBA team Mavericks owner Mark Cuban investing in Blocto during both rounds, with the 2023 financing valuation reaching as high as 80 million USD.
Blocto criticizes the Flow officials for their cold treatment.
As one of the earliest supporters of Flow, Blocto has established several key infrastructures, including Blocto Wallet, BloctoSwap, Blocto Teleport, and the NFT marketplace BloctoBay, and is also one of the most utilized staking node operators in the Flow ecosystem.
However, the team admits that focusing solely on the product itself is not enough to sustain long-term operations. As the price of $FLOW plummeted from nearly 40 USD at its peak in 2021 to currently below 0.3 USD, a drop of over 99%, Blocto's operating model is gradually losing feasibility. The official revealed that it has absorbed more than 5.5 million USD in losses over the past few years, just to ensure uninterrupted community services and user asset security.
Blocto stated that since June of this year, it has made multiple attempts to contact senior executives at Flow/Dapper Labs to seek sustainable cooperation or solutions, but after six months, it has not been able to secure any formal high-level meetings, and communication has progressed slowly while the funding runway continues to shorten, ultimately forcing the decision to cease services.
Blocto reminds users: Switch to Non-Custodial Mode before Friday.
According to the announcement, Blocto Wallet, BloctoSwap, and Blocto Teleport will officially cease operations on December 18, 2025, at 7 PM (PST). However, Blocto stated that its Flow staking node service will continue to operate, and users do not need to unstake; they only need to import their private keys into other wallets to continue managing their assets. Unstaking early may actually lead to a loss of staking rewards.
The official also reminds users to complete several critical operations before the deadline, including withdrawing all liquidity funds from BloctoSwap and transferring tUSDT on the Flow chain back to Ethereum through Blocto Teleport; otherwise, related assets may become permanently unrecoverable.
In addition, users still using the Custodial Mode must manually switch to the Non-Custodial Mode and export their private keys before the deadline, or else wallet access rights will permanently become invalid. Blocto emphasizes that the team will never ask users for their private keys.
This article reports that the Taiwanese blockchain wallet Blocto has ceased operations, gaining popularity through NBA Top Shot and receiving investment from Mavericks owner Mark Cuban, first appearing in Chain News ABMedia.
