Hazeflow founder Pavel Paramonov has announced the closure of the cryptocurrency research firm and plans to step away from the industry for at least a month.

In a social media statement, Paramonov described the decision as involuntary, noting that businesses generating revenue are not typically shut down without external pressures. He did not specify the circumstances leading to the closure.

Paramonov expressed gratitude to clients, partners and employees for their contributions to the firm. He offered assistance in placing Hazeflow researchers and designers seeking new positions.

The shutdown adds to several recent closures across the cryptocurrency sector. AscendEX halted operations earlier this month citing regulatory challenges under the European Union’s Markets in Crypto-Assets framework and financial difficulties.

Vlad.fun suspended its memecoin launchpad platform following an internal integrity issue. TapTools announced plans to wind down after multiple executive departures and rising costs.

DeFi protocols Carrot and Pyra also ceased operations in connection with losses from the Drift Protocol exploit, directing users to withdraw assets and prepare for potential recovery processes.