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a16z supported decentralized custody startup Entropy announces shutdown and refunds remaining funds to investors. Founder and CEO Tux Pacific stated that after multiple business pivots and two rounds of layoffs, the company was unable to find a business model that meets venture capital scale, and decided to shut down. Entropy was founded in 2021, completed a $25 million seed round led by a16z crypto in 2022, and previously completed approximately $1.95 million pre-seed funding, with total funding reaching about $27 million. (The Block)