Web3
Pudgy Penguins-backed Abstract to shut down after ‘tens of millions’ in losses
Cointelegraph·October 7, 2026·1 min read
Igloo CEO Luca Netz said the company funded Abstract for 18 months but still failed to find product-market fit despite attracting major brands and a community of millions. The Pudgy Penguins-backed project is shutting down after 'tens of millions' in losses, according to Netz's statement.
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