A Web3 launchpad has decided to close operations, adding to the growing list of crypto firms shutting down.
While it is never easy to run a business, the crypto industry can be particularly brutal for an entrepreneur. The technologies are always evolving, customers are jumping on new bandwagons, and the highly complicated nature of products often turns away many prospective users.
Another crypto firm has become a victim of the unsustainable nature of the crypto industry and decided to shut shop.
Be Hero Network closes shop within 5 years
Be Hero Network or BH Network, a European-compliant Web3 hub, announced its decision to close operations on Sep. 15.
The company offered a Web3 launchpad and a non-fungible token (NFT) marketplace among several products and helped crypto firms onboard MultiversX and EVM blockchains.
However, a decline in the value of MultiversX’s native token, eGLD, along with the volatility of the broader crypto market, has severely impacted BH Network’s liquidity, forcing the firm to close shop.
Intense competition and fleeting user attention made things only harder for the platform. Then, there was a prolonged bear market following the Terra (LUNA) crash; it was around the same time that BH Network listed its native token, BHAT.
Over the years, BH Network launched five products:
* TopIQs, a blockchain-based freelance marketplace
* BHero, a Web3 launchpad
* FLIPiX, an NFT marketplace
* xAudits, smart contract audit services
* xAnalyze, a crypto wallet intelligence platform
Only BHero and xAudits achieved some success, and now, the firm is closing all its products and services except xAudits after four and a half years.
xAudits will continue on-demand under a new company, it said.
What went wrong?
The crypto firm’s statement underlined the main reasons why it failed to achieve desired results.
Some of its products got launched ahead of market readiness.
Operating in a foreign jurisdiction due to a lack of regulatory clarity in Romania led to substantial legal expenses. Building innovative and complex products also led to substantial engineering costs.
The firm locked substantial liquidity against eGLD which later declined sharply. Allocating 10% of BHAT’s supply to the MultiversX ecosystem didn’t deliver the anticipated benefits either.
Airdrop for BHAT and BHAgents NFT holders
The BHAT tokens and the BHAgents NFTs will no longer grant access to BH Network’s services or functionalities.
BH Network is offering an airdrop to traders holding BHAT tokens and the BHAgents NFTs.
What this airdrop essentially means is that a holder’s tokens/NFTs will be burned and they will receive USDC (wUSDC on MultiversX) in return.
* 0.00325 wUSDC (MultiversX) for 1 BHAT token
* 5 wUSDC (MultiversX) for 1 BHAgent NFT
The deadline to make the claim is Dec. 15, 2025, 15:00 UTC.
There is no compulsion to choose the airdrop program. Users who want to keep trading or holding their assets can do so.
