Loopring, a prominent Ethereum layer-2 and layer-3 zero-knowledge rollup solution, has recently disclosed its decision to retire its wallet services by the end of June 2025.
In an official statement released by the Loopring (LRC) team, it was announced that the Loopring Wallet will be permanently taken offline on June 30, prompting users to initiate asset withdrawals before the specified deadline.
The closure of Loopring Wallet entails the discontinuation of its smart user interface, which is primarily accessed through mobile devices. Consequently, the accompanying mobile app will cease to receive updates and will eventually be removed from app stores.
It is important to note that the shutdown of the wallet will not have any impact on the operations of the Loopring layer-2 protocol. However, users are strongly encouraged to transfer their funds and non-fungible tokens to alternative wallets to prevent any potential disruptions.
Among the recommended alternatives for asset transfers are popular platforms such as MetaMask, Coinbase Wallet, and Rainbow Wallet. By taking action promptly within the specified timeframe, Loopring Wallet users can facilitate a smooth transition of their assets without encountering any unforeseen challenges.
In a previous security incident in June 2024, Loopring Smart Wallets fell victim to a security breach when an attacker exploited vulnerabilities in the two-factor authentication system, compromising user wallets. As a precautionary measure, Loopring temporarily suspended Guardian and 2FA-related operations to address the issue.
Following the recent announcement regarding the closure of Loopring Wallet, the LRC token experienced a decline in trading value, with a 4% decrease contributing to double-digit losses over the past week. The token’s price hovered around $0.09, reflecting a 13% decrease in value over the last seven days.
As Loopring transitions away from its wallet services, users are urged to take proactive steps to safeguard their assets by initiating timely transfers to alternative wallet solutions. This strategic approach will ensure a seamless and secure process for asset management amidst the upcoming discontinuation of Loopring Wallet services.