Loop Ring, Ethereum Layer 2 and Layer-3 Zero Knowledge Rollup have announced that wallet operations will be sundown by the end of June 2025.
According to the Loopling (LRC) team, the Loopling Wallet will be permanently offline on June 30th, and users will advise using intervention times to withdraw their assets.
“Today, we share some difficult but necessary news. The Looping Wallet will officially cease operations by the end of June 2025,” the cryptocurrency platform said in the announcement.
Shutting down your looping wallet means that the wallet’s smart user interface, which can be accessed via mobile, will no longer be available after the date stated.
Loop ring smart wallets utilize immutable smart contracts to operate. However, access is facilitated through the accompanying mobile app, which will prevent the app from receiving updates and ultimately delisting it from the app store.
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The team revealed that wallet closures do not affect or confuse the functionality of the Looping Layer 2 protocol.
Nevertheless, users are strongly encouraged to transfer funds and inappropriate tokens to other wallets. Acting within early and announced timelines allows looping wallet users to move assets smoothly and avoid potential confusion.
According to the Loopring update, popular alternatives for asset transfers include MetaMask, Coinbase Wallet and Rainbow Wallet.
The Loopring Smart Wallet suffered a security breach in June 2024, and was breached by an attacker who exploited a two-factor authentication vulnerability to damage the user wallet. In this incident, the loop had temporarily stopped Guardian and 2FA-related operations.
Following the latest announcement, LRC tokens traded low, with a 4% DIP extending their past week’s losses to double digits. Tokens fell 13%, nearly $0.09 over the past seven days.
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