crypto.news 2025-05-28 17:54:48

Loopring to cease wallet operations on June 30

Loopring, the Ethereum layer-2 and layer-3 zero-knowledge rollup, has announced it will sunset its wallet operations by the end of June 2025. According to the Loopring ( LRC ) team, the Loopring Wallet will go offline permanently on June 30, with users advised to use the intervening time to withdraw their assets. “Today, we’re sharing some difficult but necessary news: Loopring Wallet will officially cease its operations by the end of June 2025,” the cryptocurrency platform said in an announcement . The shutdown of Loopring Wallet means the wallet’s smart user interface, accessible via mobile, will no longer be available after the stated date. Loopring ’s Smart Wallet leverage immutable smart contracts to operate. However, access is facilitated via the accompanying mobile app, and its discontinuation means the app will no longer receive updates and will eventually be delisted from app stores. You might also like: Siacoin holders urged to move funds ahead of June fork The team clarified that the closure of the wallet will not impact or disrupt the functioning of the Loopring layer-2 protocol. Nevertheless, users are strongly advised to transfer their funds and non-fungible tokens to other wallets. Acting early and within the announced timeline will allow Loopring Wallet users to move their assets smoothly and avoid potential disruptions. According to Loopring’s update, popular alternatives for asset transfers include MetaMask, Coinbase Wallet, and Rainbow Wallet. Loopring Smart Wallets suffered a security breach in June 2024, with an attacker compromising user wallets by exploiting vulnerability in the two-factor authentication. The incident saw Loopring temporarily suspend Guardian and 2FA-related operations. Following the latest announcement, the LRC token traded lower, with a 4% dip extending its losses over the past week into double digits. The token hovered near $0.09, down 13% over the last seven days. You might also like: Loopring price prediction – LRC ramping up to break its downtrend?