Blocto, a cryptocurrency wallet that served over 2 million users and was considered a core infrastructure component of the Flow ecosystem, officially announced that it will cease wallet-related services on December 18th of this year, marking the end of its five-year operation. The official statement acknowledged that the sluggish Flow ecosystem and persistent losses had rendered the team unable to continue bearing the operating costs. During the NFT era, the NBA Top Shot series on the Flow public chain became a huge success, with Blocto serving as the official wallet partner. It even received two rounds of investment from former Dallas Mavericks owner Mark Cuban, reaching a valuation of $80 million.
Having risen to fame with his NBA Top Shot, Cuban has also invested in Taiwanese startups.
In its announcement, the Blocto team recalled that since its inception, its mission has been to "create the world's most user-friendly Web3 wallet." In an era when EOA wallets were still the mainstream, they were the first to launch email and social media account login mechanisms and lowered the barrier to blockchain use through SDKs, successfully helping a large number of users enter the Web3 world.
During the NFT era, the NBA Top Shot series on the Flow blockchain became an instant hit, with Blocto serving as the official partner wallet. Blocto's private rounds attracted investment from FTX's Alameda Research, Hengxin Capital, Animoca Brands, and CMS Holdings. Former Dallas Mavericks owner Mark Cuban also invested in Blocto in two rounds, bringing its valuation to a staggering $80 million in 2023.
Blocto harshly criticizes Flow, but the official response is lukewarm.
As one of the earliest supporters of Flow, Blocto has built several key infrastructure projects, including Blocto Wallet, BloctoSwap, Blocto Teleport, and the NFT marketplace BloctoBay. It is also one of the most widely used staking node operators in the Flow ecosystem.
However, the team admitted that focusing solely on the product itself was insufficient to sustain long-term operations. With the price of Blocto plummeting from a high of nearly $40 in 2021 to below $0.30 currently—a drop of over 99%—Blocto's operating model gradually became unsustainable. The company revealed that it has absorbed over $5.5 million in losses over the past few years to ensure uninterrupted community services and the safety of user assets.
Blocto stated that since June of this year, it had made multiple attempts to contact senior management at Flow/Dapper Labs to seek sustainable cooperation or solutions. However, after six months, it was unable to secure a single formal high-level meeting. Communication progressed slowly, while the funding track continued to shrink, ultimately forcing it to make the decision to discontinue its services.
Blocto reminds users: You need to switch to unmanaged mode before Friday.
According to the announcement, Blocto Wallet, BloctoSwap, and Blocto Teleport will officially cease operations at 7 PM PST on December 18, 2025. However, Blocto stated that its Flow staking node service will continue to operate. Users do not need to unstake their assets; they can simply transfer their private keys to other wallets to continue managing their assets. Unstaking prematurely may result in a loss of staking rewards.
The official notice also reminded users that they must complete several key operations before the deadline, including withdrawing all liquidity funds from BloctoSwap and transferring tUSDT from the Flow chain back to Ethereum through Blocto Teleport, otherwise the relevant assets may be permanently unrecoverable.
Furthermore, users still using Custodial Mode must manually switch to non-custodial mode and export their private keys before the deadline; otherwise, their wallet access will be permanently lost. Blocto emphasizes that the team will never ask users for their private keys.
This article, titled "Taiwanese Blockchain Wallet Blocto Ceases Operations, Gains Popularity Through NBA Top Shots, and Receives Investment from Mavericks Owner," first appeared on ABMedia, a ABMedia .
