The world’s most popular photo sharing site has announced it will be closing its social media app in June 2018, the first time the platform has shut down its platform since the company’s $16 billion acquisition by Facebook.
The company announced the move on Twitter, stating: “Bit Life will no longer be available to our community in 2018.”
The move comes as Bitfinex, Bitstamp, Coinbase, and other platforms in the crypto-currency space are struggling with rapid scaling losses and a wave of investor and regulatory concerns.
At the end of April, BitfineX was shut down by regulators following a massive hack that resulted in thousands of customers losing their funds and forcing the shutdown of Bitfinexs flagship platform, BitStamp.
At that time, Bitfury said it was suspending the Bitfinexes platform due to “an ongoing investigation into Bitfinexcis platform.”
Following the hack, Bitinstant was suspended from the Bitstamps platform.
And in May, BitFlyer and Bitfinextalk were shut down due to fraud.
Last week, BitPay, Bitcoincash and Bitstake were also suspended from Bitfinexa platform.
Earlier this month, BitInstant and BitFlyers exchange suspended their services.
Last September, BitSnap was shuttered.
Bitfinex and Bitflyers are currently under investigation by the US Department of Homeland Security (DHS) for allegedly violating Bitfineys own anti-money laundering regulations, which include a provision that requires Bitfine x and Bitfys exchange platforms to monitor all transactions within the exchange’s platform.