Breaker Magazine (Breakermag), an American online crypto publication, is reportedly shutting down, industry news outlet The Block reported on April 29.

Launched in July 2018, the publication will reportedly cease operations due to the lack of a feasible business plan, the report notes, citing anonymous sources familiar with the matter.

Created by journalist and business tech author Ben Schiller, Breakermag is an editorially independent site owned by blockchain firm SingularDTV, which rebranded to Breaker earlier this year.

Breaker Magazine is known for its specific form of long-read stories on major industry issues around blockchain, cryptocurrencies and their applications, with the editorial positioning itself as “upending whole industries, sparking radically democratic ideas, and creating a new elite.”

According to the report, one of the reasons for the alleged closure of Breakermag is high spending from the point of view of its parent company Breaker, sources said.

In October 2018, Breakermag published an investigation revealing that major crypto outlets such as NewsBTC and Bitcoinist are taking money from companies in exchange for covering stories on them.

In March, blockchain-based journalism Civil officially announced its launch. The platform is designed to support independent journalism and aims to develop an alternative model to journalism online.