Five crypto projects shut down this week amid prolonged bear market

Five cryptocurrency projects have announced they are ceasing operations this week, citing a sharp decline in users and investment amid the prolonged market downturn, Cointelegraph reported. The affected projects are: - Ethereum infrastructure firm Syndicate Labs - Crypto ATM provider Bitcoin Depot (BTM) - Card trading platform Fantasy.top - Cross-chain infrastructure project Everclear - Ethereum Layer 2 solution Zero Network Cointelegraph added that over 5,000 people have been laid off across the crypto industry this year, with major public companies like Coinbase (COIN) and Galaxy Digital (GLXY) also reporting first-quarter losses. In contrast, services that link traditional financial products to the blockchain or cater to existing demand, such as Hyperliquid (HYPE) and Polymarket, have continued to show growth.