Harpie, a Web3 security platform backed by Coinbase and Opensea, announced on March 27 that it is ceasing operations

The Coinbase and OpenSea-backed platform cited an unsustainable business model as the reason for its shutdown.

Coinbase and Opensea-backed Web3 security platform Harpie announced on March 27 that it is shutting down, effectively ending its mission to create a “theft-free” crypto ecosystem.

The platform, which had hoped to use onchain firewall technology to monitor transactions in real-time and prevent hacks, scams, and theft, said that it is shutting down due to an unstainable business model.

Harpie highlighted the fact that its technology could block malicious transactions and recover stolen assets, allowing users to secue their digital wallets.

However, despite its innovative features, the platform struggled to sustain a viable business model in the competitive and rapidly evolving Web3 space.

"We are shutting down Harpie. It breaks our hearts to announce this, but unfortunately, we’ve made the difficult decision to wind down Harpie’s operations," the company announced on X.

"We hope that our efforts will inspire other firms to continue working toward solving the problem of crypto theft—a pressing issue that we deeply care about."Like other blockchain security platforms, Harpie frequently issued alerts about the latest tactics employed by scammers and hackers, offering advice to users facing transaction issues.

"If your transactions are failing, please disconnect your wallets from the Harpie RPC via your wallet’s network switcher. We will be creating a utility to move vaulted assets on the Harpie website in the coming days," the company stated.

The platform also assured users with pending giveaway commitments that these obligations would be met, with further details to be shared through its Discord channel.

The closure of Harpie comes more than two years after it raised $4.5 million in a funding round led by Coinbase Ventures, Dragonfly Capital, and Opensea. The investment had been earmarked to expand Harpie’s capabilities to prevent a broader range of attacks and serve institutional clients, such as group treasuries.