Loopring Withdraws Wallet Support | Users Raise Alarm Over Fund Access
A wave of frustration sweeps through the Loopring community as it confirms the discontinuation of support for smart contract wallets. Users feel blindsided, grappling with how to access their funds and the implications for their digital assets.
Confusion Surrounds Withdrawal Process
Sources confirm Loopring's pivot toward DeFi applications, leaving users uncertain about their next steps. Reports indicate that while the wallet interface is being discontinued, the underlying smart wallet contract will remain, complicating access for the less tech-savvy.
"I literally can’t move my assets from L2 to L1 in the same wallet. Hangs and freezes every time," voiced one concerned user.
Consequently, many users are asking, "Where do I transfer to?" as they seek answers about transferring their assets amid disappearing links on Loopring's website and Discord.
Key User Concerns
The ongoing developments highlight three main themes among users:
NFT Management: Questions loom regarding how NFTs will be managed post-wallet shutdown.
Communication Breakdown: The lack of formal guidance from Loopring leaves users feeling abandoned, with one asking: "What’s gonna happen if I don’t transfer my loops out of the wallet? Any harm in that?"
Financial Losses: Several users share their financial losses, noting that some sold off their assets amidst the uncertainty.
Voices from the Community
The feeling of betrayal is palpable:
“Wasted so much money on this piece of junk, it was a waste of time,” lamented one user.
“I moved my stuff from L2 to Coinbase successfully,” another noted, highlighting that some users have found workarounds.
The Future of Assets in Limbo
With many fearing the potential loss of their funds, insights suggest that about 60% of users are weighing their options for withdrawals. Currently, some reports confirm successful transactions, but this is not the norm for all.
Summary of Sentiments
△ Users express deep concern over accessing NFTs and other assets.
▽ Complaints about the app’s functionality reveal a lack of operational communication.
⚠️ The market cap drop has users questioning the longevity of the platform.
As these events unfold, the trust within the Loopring community hangs in the balance. With minimal guidance from Loopring, users are left to navigate their financial futures without clear direction.