Facebook’s long-term stablecoin challenge, Diem, is lastly shutting down. On Monday, an out of doors funding agency, Silvergate Bank, confirmed it was shopping for $182 million value of Diem belongings from the tech large, marking the tip of a long-coming—and fairly tumultuous—exit.

“Despite giving us positive substantive feedback on the design of the network, it nevertheless became clear from our dialogue with federal regulators that the project could not move ahead,” reads a press release from Diem CEO Stuart Levey on the challenge’s former website. “As a result, the best path forward was to sell the Diem Group’s assets, as we have done today to Silvergate.”

Facebook’s proposal for Diem—then going by the identify “Libra”—first rolled out within the summer of 2019 with the purpose of making a “simple global payment system and financial infrastructure that empowers billions of people.” But as a result of it is a Facebook model, nearly everybody was fairly skeptical; regulators from the EU and the U.S. alike expressed skepticism concerning the challenge, with Europe’s antitrust watchdog opening a probe into the hassle not lengthy after it was first introduced.

Then got here complications from companions. Some of the challenge’s preliminary backers, like PayPal, Mastercard and Visa jumped ship following months of regulatory scrutiny, and issues solely obtained worse from there. First got here the identify change, after which got here the narrowed scope: what was first presupposed to be a globally-supported cryptocurrency turned one which was only available within the U.S. after it failed to get approval from Swiss payment regulators. Executives on the crew chargeable for overseeing Diem’s push into the mainstream, like David Marcus, left the company quickly after. The Novi blockchain pockets that Facebook had created to hold the digital foreign money announced in direction of the tip of final 12 months that it could be trialing funds with Pax Dollars (USDP), as a substitute of Diem like initially deliberate.

Diem isn’t the one controversial challenge that Facebook introduced is shuttering this week. The identical day because the Silvergate announcement, Israeli media first reported that the corporate was shuttering its Express Wi-Fi challenge, which had been providing low-cost web companies to areas in India, Indonesia, and different components of the worldwide south over the previous six years. Much like Diem, regulators world wide had been skeptical of the wi-fi initiative, with international locations like Bangladesh outright banning this system from establishing store in rural areas out of safety and licensing issues.

An announcement on the Facebook (sorry, Meta) web site confirms the shutdown. “After more than five years in operation, we are planning to wind down our Express Wi-Fi program,” the corporate wrote.

“Together with our partners, we helped expand public Wi-Fi access for people in more than 30 countries via the Express Wi-Fi platform. While we are concluding our work on this program to focus on developing other projects, we remain committed to working with partners across the telecom ecosystem to deliver better connectivity.”