Harpie, a platform designed to prevent wallet theft and hacks, has ceased operations after facing challenges in establishing a viable business model.
The on-chain firewall service, which received backing from prominent investors, has announced its closure due to its inability to create a lasting business around a “theft-free crypto ecosystem,” as stated in a post on March 27.
The company, which focused on protecting cryptocurrency users from hacking and scams, expressed a desire to have made a positive impact and inspired others in the industry to “take up the challenge and address this critical issue.”
The announcement indicated that Harpie’s services would be halted immediately, and users were advised to disconnect their wallets from the Harpie RPC by using their wallet’s network switcher.
“If you’re encountering transaction failures, please disconnect your wallets from the Harpie RPC through your wallet’s network switcher. A utility to transfer vaulted assets on our website will be made available in the coming days.”
Harpie
Despite the closure, Harpie reassured users that all pending awards and giveaways from its referral program would be honored.
This shutdown follows nearly three years after the startup secured $4.5 million in funding, led by a prominent investment group, with contributions from key industry players. Initially, the company’s revenue model involved a 7% fee on assets recovered, but it later transitioned to a fixed fee of 0.01 ETH per asset, irrespective of the recovery amount.