Abstract is shutting down, the second Ethereum layer 2 to go in a week. How to withdraw your coins before Dec 15

What Igloo announced

On Oct 6, Igloo Inc., the company behind the Pudgy Penguins brand, said it is shutting down Abstract, its layer 2 network built on top of Ethereum. The network's last day of operation is set for Dec 15, 2026. Until then, users need to move their assets to other networks. After that date, the team warns, funds left on Abstract may become inaccessible.

Igloo CEO Luca Netz put the decision down to money. According to him, the company lost tens of millions of dollars on Abstract over a year and a half and can no longer justify the cost out of the core Pudgy Penguins business. Netz added that even after eight-figure losses Igloo could have launched a network token and raised money through an ICO, but chose not to. The company will now focus on Pudgy Penguins and the PENGU token.

The announcement spells out the reasons plainly: growth stalled, liquidity stayed thin, almost no institutional clients came on board, and fees were not enough to make the network pay for itself.

What the network achieved

Abstract launched on mainnet in January 2025. It bet on consumer crypto: games, NFTs and apps for everyday users rather than traders. In under two years, according to Igloo, the network processed more than 325 million transactions, saw about $6 billion in decentralized exchange volume, created around 4 million wallets and hosted more than 140 apps.

By the time of the announcement, there was not much money left on the network. L2BEAT data cited by Unchained put the value held on Abstract at about $48 million, while CoinDesk gives a figure of around $76 million. Gaps like this are common, since trackers count a network's own tokens and bridged assets differently. Either way, this is money belonging to thousands of people who now have to leave before December.

Two networks in one week

Abstract is closing four days after Blast. On Oct 2, Blast, once a layer 2 with more than $2 billion in deposits, also announced it was winding down. We covered in detail how to withdraw ETH and USDB from Blast before Oct 26. Both networks shut down for the same reason: running your own chain is expensive, and there were not enough fees or users.

The lesson for coin holders is the same too. A layer 2 runs only as long as someone pays for it. When the company walks away, users get a deadline, and coins nobody claims risk being stuck on the network for good. So anyone who kept their assets at their own address on mainnet has nothing to do right now, while people holding assets on Abstract need to beat the deadline.

How to withdraw from Abstract: step by step

Abstract offers two official ways out and warns about fake "migration" sites. The addresses of the official pages are published by Abstract itself and its social media accounts, so check the domain before connecting your wallet.

1. Check what you hold on Abstract. Open your wallet, switch the network to Abstract and review every balance: ETH, stablecoins, app tokens and NFTs.
2. Migration Hub. This is the main path the team recommends. The hub moves assets from Abstract to other networks. Connect your wallet, pick the assets and the destination network, then confirm.
3. Native bridge to Ethereum. The backup path through the network's official bridge. According to Abstract, withdrawing this way takes about three hours. The fee for the final transaction on Ethereum is paid in ETH, so keep a little ETH on mainnet. If you have none, you can buy ether on a crypto exchange without registration and send it straight to the same wallet address.
4. Third-party bridges. Unchained reports that Stargate, Relay and Jumper also work for leaving the network. They are faster than the native bridge, but each has its own rate and fee. Only connect through an address you typed yourself or found on the bridge's official website.
5. Confirm the funds arrived. After withdrawing, find the transaction in the destination network's block explorer. If it takes a long time to show up, see our guide on how to check a transaction by TXID hash.

Don't leave it until December. The closer the deadline, the more people withdraw at the same time, the higher the fees and the more phishing sites posing as "emergency migration" pages.

Watch out for fake migration sites

A network shutdown always draws scammers. The scheme is simple: links to an "urgent Abstract withdrawal" show up in search results, in replies under posts and in direct messages. The site looks like the real thing and asks you to connect your wallet and sign a transaction. Once you sign, the wallet is drained.

• Abstract never asks for your seed phrase and never messages you first. Anyone asking for the phrase is a thief. Our guide on how to store a seed phrase safely explains how to keep it.
• Don't sign token spending approvals (approve) on sites you opened from someone else's link. That signature gives access to your coins without any seed phrase.
• Check the domain letter by letter. Fake sites differ by a single letter or an extra word in the address.

What to do with your ETH after withdrawing

Once you leave Abstract, your coins will be on Ethereum or another network you picked. What happens next is up to you. If you need ETH to stay active in the ecosystem, you can keep it on mainnet in your own wallet. If you left Abstract to lock in the value, it is easier to hold it in stablecoins.

This is where an exchange without registration comes in handy. VertEXchange needs no account, email or phone number: you pick a pair, paste your wallet address and see the rate and amount before sending. The fixed rate holds for about 15 minutes, so the final amount won't drift while the transfer is being confirmed.

How to exchange ETH after leaving Abstract

The most common move after a network closes is to take the ETH and turn it into dollars. You can, for example, exchange ETH to USDT TRC20 without registration and get a stablecoin on the TRON network with low transfer fees. If you'd rather stay on Ethereum, you can swap ETH for USDC straight to your own address.

Why VertEXchange makes this easy:

• coins go straight to your address, the service does not hold them;
• you see the rate and amount before sending, and the fixed rate holds for about 15 minutes;
• you can set a refund address where your coins go back if the exchange doesn't go through;
• personal fields of an operation are deleted 24 hours after it completes, and your exchange history stays only in your browser;
• support chat is available on every page, and issues are handled by exchange code.

If you'd rather keep your savings in bitcoin than in ether, the same approach works to convert ETH to bitcoin and send it to your own wallet.

FAQ

When is Abstract shutting down?

The network's last day of operation is Dec 15, 2026. Igloo announced the closure on Oct 6.

What happens to coins left on Abstract after Dec 15?

The team warns that after the shutdown, funds on the network may become inaccessible. Don't count on the deadline being extended and withdraw early.

How do I withdraw from Abstract?

Through the official Migration Hub or the native bridge to Ethereum. According to Unchained, the third-party bridges Stargate, Relay and Jumper also work. Withdrawing through the native bridge takes about three hours.

Will Abstract launch its own token or an airdrop?

No. Igloo CEO Luca Netz said the company could have issued a token or held an ICO but decided against it. Messages about an "Abstract airdrop" before the shutdown are most likely phishing.

What happens to Pudgy Penguins and PENGU?

Igloo is closing only the Abstract network. The company says it will focus on the Pudgy Penguins brand and the PENGU token.

Why are Ethereum layer 2 networks shutting down?

Running a separate network is expensive. Abstract and Blast are closing for the same reason: fees and users were not enough to cover the costs.