Pudgy Penguins backer to shut down Abstract blockchain on Dec. 15
CIE News ·
Igloo will shut down its Abstract layer-2 network on Dec. 15, 2026, after losing tens of millions of dollars funding the chain. Users must bridge their assets out before that date to avoid losing access.
Igloo, the parent company of Pudgy Penguins, announced that its Abstract layer-2 blockchain will close on Dec. 15, 2026, according to CoinDesk. CEO Luca Netz stated that the company lost tens of millions of dollars funding the network over 18 months and chose not to launch a token or an ICO to keep operations running. The team cited stalled growth, weak trading markets, and limited decentralized-finance activity for the closure, noting that Igloo will refocus resources entirely on its core collectibles and PENGU. Users must withdraw their holdings via bridges before the Dec. 15 deadline to prevent funds from becoming inaccessible.