Nayuta Wallet Is Shutting Down
Nayuta Co., Ltd., a Japan-based developer of the self-custodial Bitcoin and Lightning wallet Nayuta, has announced that it is closing down.
The company named two reasons for ending its operations:
- "Due to personal health reasons, [Kenichi] Kurimoto (CEO) need to undergo treatment for a certain period, making it difficult to continue business operations as usual during this time."
- "The Lightning Network, which was initially developed for real-time payments of “decentralized money,” has currently evolved into a business landscape where currently custodial LN solutions are taking center stage. While Nayuta was in the process of pivoting from its strategy centered on non-custodial LN, the situation described in (1) has made it extremely difficult to complete this pivot."
"I would like to express my deepest gratitude to everyone who has supported us for so long," the CEO said in a blog post.
- The project will be shutting down its Nayuta LSP node in three months, and Lightning Network transfers will no longer work in the Nayuta Wallet. Users are recommended to close existing channels and transfer their funds to other Lightning wallets.
- When Nayuta's LSP node shuts down, users' bitcoin will revert to the Nayuta wallet as base layer BTC, incurring Bitcoin blockchain fees. Low-balance transfers under the fee amount may not be sufficient to confirm transactions, so the project urges wallet users to move their funds within three months.
- Further updates will be posted on Nayuta blog and Telegram group. The project's code and repositories are available here.
