Pudgy Penguins parent company Igloo Inc announced the shutdown of Abstract Chain after losing tens of millions of dollars over two years. Users have until December 15 to move funds off the Ethereum Layer 2 blockchain before the funds become inaccessible. Users criticized the withdrawal period as too short and found a class action waiver that users must accept before migrating funds. Igloo CEO Lucas Netz said Abstract faced reduced demand and insufficient liquidity. Netz claimed Igloo had funded Abstract with money from Pudgy Penguins over the last 18 months.