Abstract Shutdown: Igloo's L2 Gives Users 70 Days to Withdraw Funds
- —Withdrawal deadline is 15 December, 70 days after the shutdown announcement
- —Igloo Inc. lost a double-digit million-dollar sum on Abstract over two years
- —L2BEAT rates Abstract Stage 0: users cannot force transaction inclusion
- —Abstract's secured value fell 44.5% in a week to about $30 million by 9 October
Why it matters: The case shows a centrally controlled L2 can be switched off by a company, leaving users without a regulated wind-down or recourse.
Source: CryptoTicker