PANews reported on June 2nd that the decentralized contract trading platform Pingu Exchange has announced its permanent closure, with the platform scheduled to shut down on July 31, 2026. Pingu launched on Arbitrum in January 2024, achieving a cumulative trading volume of approximately $2.4 billion with an initial investment of approximately $270,000, and distributing approximately $650,000 worth of ETH and USDC to stakers. The team subsequently bet on the Monad mainnet, but after migrating, the platform's trading volume only reached approximately $80 million in about six months. The team stopped paying salaries in February to avoid depleting the treasury. The project team stated that 64.46 ETH will be returned to users who purchased tokens on Arbitrum in 2024 and still hold them, through a centralized order placement in the PINGU/ETH pool on Arbitrum. The verification window is open from now until July 31st, and the 57% of tokens held in the treasury will not participate in the withdrawal. The project reminds users to close out their contract positions and withdraw LP funds as soon as possible, and states that since the vault mainly comes from Arbitrum, it cannot fairly redeem Monad points.