Harpie, a service aimed at preventing crypto theft, is shutting down its services due to challenges in developing a sustainable business model.
Reasons for Harpie's closure
Harpie, supported by Coinbase Ventures and OpenSea, announced the shutdown of its services due to the failure in developing a sustainable business model around a 'theft-free ecosystem.' Services would be shut down immediately.
Company's response to the shutdown
The company hopes to have made an impact and inspired others to tackle security issues. Users were instructed to disconnect their wallets from the Harpie RPC using the network switcher.
History and funding of Harpie
After nearly three years, Harpie, which raised $4.5 million in funding, faced difficulties. Initially, their business model charged a 7% fee on recovered assets, which later shifted to a fixed fee of 0.01 ETH per asset.
Harpie exits the market after three years, hoping others will continue to combat theft in the crypto space.
