Sorry, another public-chain L2 has failed.
This time, it’s Pudgy Penguins’ Abstract.
Igloo CEO Luca @LucaNetz, whose company is the parent of Pudgy Penguins, officially announced that Abstract is shutting down. He said he’d funded it out of his own pocket for a year and a half, losing tens of millions of dollars over two years.
The most admirable thing is that he said he could have issued a token or done an ICO to recoup the losses,
but launching a token he didn’t believe in would have ripped off the community, so he decided not to.
Now he’s putting all his focus back on Pudgy and $PENGU .
If you still have assets on-chain, remember to withdraw them by December 15, or they’ll be worth zero.
Losing tens of millions without dumping on retail investors—is this the most conscientious project team of the year? 🤣
This time, it’s Pudgy Penguins’ Abstract.
Igloo CEO Luca @LucaNetz, whose company is the parent of Pudgy Penguins, officially announced that Abstract is shutting down. He said he’d funded it out of his own pocket for a year and a half, losing tens of millions of dollars over two years.
The most admirable thing is that he said he could have issued a token or done an ICO to recoup the losses,
but launching a token he didn’t believe in would have ripped off the community, so he decided not to.
Now he’s putting all his focus back on Pudgy and $PENGU .
If you still have assets on-chain, remember to withdraw them by December 15, or they’ll be worth zero.
Losing tens of millions without dumping on retail investors—is this the most conscientious project team of the year? 🤣
