Mark Cuban's invested Blocto Wallet ends 5 years of operation with a 99% price crash

The Blocto project has made a major announcement. The Blocto Wallet business, which was once supported by prominent investors such as Mark Cuban, has revealed that it will cease service on December 18, 2025, at 7:00 PM (Pacific Standard Time). According to an official announcement by PANews on December 17, the company cited accumulated losses over the past five years, which have strained management, and the lack of a conclusive agreement with Dapper Labs, leading to the decision to shut down the service.

From the 2021 high to now—drastic loss of value in FLOW tokens

At the core of Blocto’s crisis is the rapid decline in the value of the FLOW token, which underpins the project. Data shows that the FLOW token reached a historic high of $42.40 in 2021, but has since fallen to $0.09, recording a decline of over 99%. Over the past year alone, the token has dropped by 87.55%, making it clear how severe the loss of value has been.

This price slump has directly impacted the project’s management, with cumulative losses over the past five years reaching $5.5 million. With funds for ongoing operations nearly exhausted, the decision to end the service became an unavoidable choice.

$5.5 million in red ink over 5 years, talks with Dapper also break down

In fact, the Blocto team had been making efforts to turn the situation around. Since June of this year, they engaged in multiple discussions with the management of Flow/Dapper, seeking constructive solutions to overcome financial difficulties.

However, without any viable proposals, the negotiations have made little progress and have reached a standstill. The expected support in terms of funding or strengthened partnerships was not obtained, leading the operations team to conclude that continuing management was no longer feasible.

Actions users should take before wallet closure in December 2025

With the end of Blocto’s service approaching, users are required to act within a limited timeframe.

Services to be discontinued:

• Blocto Wallet
• BloctoSwap
• Blocto Teleport

These three services will officially shut down on December 18, 2025, at 7:00 PM (Pacific Standard Time). Users must complete the following procedures before the deadline:

1. Withdraw liquidity pool assets: Retrieve all liquidity pool assets you have secured
2. Return cross-chain assets to their original chains: Bridge assets dispersed across different blockchains back to their original networks
3. For custodial mode users: Manually export private keys and switch to non-custodial mode

Failure to perform this final step will result in permanent loss of access to the wallet.

Services that will continue:

Meanwhile, the Blocto staking service will remain operational. Users do not need to unstake; they can continue managing assets by importing private keys into other wallets.

The team emphasizes always remaining vigilant against scams and never disclosing private keys to others.

From the glory of 2023 to now—turning points in Mark Cuban’s investment project

Once, the Blocto project told a different story. In 2023, it completed a Series A funding round involving prominent investors including entrepreneur and investor Mark Cuban, with the valuation reaching $80 million.

Support from well-known investors like Mark Cuban and the high valuation at that time indicated that Blocto was regarded as a promising project in the market. However, subsequent token price crashes, market environment changes, and the slowdown in the growth of the Flow ecosystem led the project down a different path than initially envisioned.

Despite support from top-tier investors like Mark Cuban, the inability to adapt to market fluctuations and token value changes resulted in the project’s shutdown in less than three years. The case of Blocto serves as a lesson on the volatility of the cryptocurrency industry and the fact that early high praise does not necessarily guarantee long-term success.