“`html

Loopring, a leading Ethereum layer-2 and layer-3 zero-knowledge rollup solution, has announced that it will discontinue its wallet operations by the end of June 2025. The company has advised users to withdraw their assets before the platform goes offline permanently on June 30, 2025.

Loopring Wallet to Cease Operations

In an official statement, the Loopring team shared the decision to sunset the Loopring Wallet, marking the end of its mobile-based smart wallet interface. The team stated, “Today, we’re sharing some difficult but necessary news: Loopring Wallet will officially cease its operations by the end of June 2025.”

The shutdown means that the wallet’s smart user interface, which operates through a mobile app, will no longer be accessible after the stated date. Additionally, the app will no longer receive updates and will eventually be removed from app stores.

Key Impacts and User Recommendations

While the closure of the wallet will not affect the functioning of the Loopring layer-2 protocol, users must take proactive steps to safeguard their funds. The team has strongly urged users to transfer their cryptocurrencies and non-fungible tokens (NFTs) to alternative wallets before the deadline to avoid potential disruptions.

Some popular wallet alternatives recommended by Loopring include:

  • MetaMask
  • Coinbase Wallet
  • Rainbow Wallet

By acting early, users can ensure a smooth transition and avoid any complications as the discontinuation date approaches.

Background on Security Concerns

The decision to discontinue Loopring Wallet follows a security breach that occurred in June 2024. During the incident, an attacker exploited a vulnerability in the wallet’s two-factor authentication (2FA) system, compromising user accounts. This led Loopring to temporarily suspend operations related to Guardian and 2FA features while addressing the issue. The event likely influenced the team’s decision to wind down wallet services.

Market Reaction and LRC Token Performance

Following the announcement, the price of LRC, Loopring’s native cryptocurrency, experienced a decline. The token dropped by 4%, extending its weekly losses to double digits. As of the latest data, LRC was trading near $0.09, reflecting a 13% decrease over the past seven days.

Action Steps for Users

To protect your assets, consider the following steps:

  • Transfer your funds and NFTs to a secure wallet like MetaMask, Coinbase Wallet, or Rainbow Wallet.
  • Complete the migration well before June 30, 2025, to avoid last-minute issues.
  • Stay updated on any further announcements from Loopring regarding the transition.

By following these recommendations, users can ensure their investments remain secure as Loopring Wallet winds down its operations.

“`

Post Views: 0