According to CoinMeta, the parent company of Pudgy Penguins, Igloo Inc, announced the closure of its Abstract chain, citing losses of tens of millions of dollars over the past two years. Users are required to transfer their funds off the Ethereum layer-2 blockchain by December 15th; otherwise, they will no longer be able to access their assets. This deadline has been criticized as being “too short.” The CEO of Igloo Inc, Lucas Netz, stated that the Abstract chain failed to gain sufficient popularity after three years of operation and faced issues with “lack of liquidity.” The company acknowledged that focusing on “consumer-oriented cryptocurrencies” was not sustainable, and growth had begun to stagnate.