Keith Grossman, President of MoonPay, warned on August 10 that crypto is experiencing a dot-com-style shakeout with more than 100 projects shutting down, filing for bankruptcy, or disappearing in 2026. Several major platforms have closed, including Tally, which had processed over $1 billion in payments, Everclear with $500 million in monthly transaction volume, as well as BitMart, BitMEX and Movement Labs, whose MOVE token has fallen more than 99% from its all-time high. For Grossman, these failures do not prove that crypto itself has failed, but rather test whether projects have a viable product, customers and a sustainable business model. He believes that putting something on a blockchain does not make it valuable, and that the real question for the sector is now whether it is creating something people actually need.
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