Pudgy Penguins-backed Abstract to shut down after ‘tens of millions’ in losses

Crypto Insight Summary: Igloo CEO Luca Netz said the company funded Abstract for 18 months but still failed to find product-market fit despite attracting major brands and a community of millions. Crypto Insight Analysis: Direction: Bearish PUDGY Impact: Minor Impact Horizon: Short-term (1-3 days) Reasoning: Abstract's shutdown signals challenges for Pudgy Penguins' ecosystem growth.