Over 60 Crypto Projects Shut Down or Filed Bankruptcy from January to July 2026

From January to July 2026, over 60 crypto firms and projects shut down or filed bankruptcy, marking a significant wave of industry consolidation. Security exploits drove at least a dozen closures, including Step Finance's $40 million hack in January and Radiant Capital's $50 million breach in 2024. Regulatory friction contributed to others, with AscendEX halting operations after failing to secure EU MiCA licensing. The largest portion cited unsustainable economics: teams that built functional products and secured meaningful capital still could not attract sufficient users or revenue to justify continued operations.

BitMEX, the derivatives exchange that invented the crypto perpetual swap, announced on July 23 that it will cease operations on September 23, citing a strategic review without specifying a direct trigger. The exchange, co-founded by Arthur Hayes in 2014, represents one of the sector's highest-profile casualties during the bear market that followed bitcoin's retreat from its October 2025 all-time high.