Key highlights:
- Scores of cryptocurrency projects have shuttered their operations in 2026.
- BitMEX and BitMart are the latest exchanges to close shop amid rising ecosystem competition.
- Experts say an absence of sustainable revenues and changing ecosystem sentiments are responsible for the streak of closures.
While the cryptocurrency industry is still reeling from BitMart and BitMEX’s decision to cease operations, a new report has uncovered a torrid streak of exits in 2026. Since the start of the year, 63 crypto projects have shut down operations, with pundits predicting the number of abandoned projects to reach 100 before 2027.
BitMEX, BitMart lead 2026 crypto project shutdowns
According to
The latest high-profile firm on the list is Arthur Hayes’ BitMEX, an 11-year-old cryptocurrency exchange, scheduled for permanent winding down in September. Since announcing its intention to close, BitMEX faces a class-action suit for theft and insider trading, tainting its legacy as an industry pacesetter.
One day later, BitMART announced that it will progressively shut down its operation, with a final closure scheduled for January 2027. BitMART’s BMX token tumbled nearly 60% after the announcement, with the company’s CEO disclosing that he had no idea of the winding down before the sudden termination of his contract.
Back in March, derivatives exchange Bit.com ended all operations, while ProBit Global terminated all of its core exchange services in February.
Meanwhile, the list also includes wallets shutting down their services after years of operations. In 2026, Magic Eden wallet, Leap wallet, and Ctrl wallet brought the curtain down on their operations, citing a raft of reasons.
Other high-profile entries in the list include Polygon zkEVM, Radiant Capital, Zero Network, 77-Bit, and Step Finance. Furthermore, Movement Labs joined the list of exits, filing for Chapter 11 bankruptcy after raising $41 million across multiple funding rounds.z
Why are crypto projects shutting down in 2026?
According to pundits, a bird’s-eye view of the projects on the list reveals a pattern. One expert argued that most of the projects on the list relied on token hype and airdrops rather than a sustainable revenue model.
Several projects raised money during the 2021-2024 cycle but failed to secure new capital as venture investors became more selective. Affected DeFi protocols and gaming projects never attracted enough active users, while intense competition in DEX aggregators and wallets forced smaller players to shut down.
Furthermore, a wave of hacks in 2026 has seen several cryptocurrency projects shut down their operations. Others are citing rising infrastructure costs and regulatory pressure in several jurisdictions as the reason for shuttering their services.
Last week, Hyperliquid’s weekly RWA volume surpassed crypto trading for the first time, signaling a shift in consumers’ appetite. Circle CEO Jeremy Allaire predicted that investors will pivot from “speculating on endogenous digital commodities,” spelling the death of several projects.
Source:: 63 Crypto Projects Have Shut Down in 2026 as BitMart and BitMEX Close Shop