Is Loopring (LRC) Safe? What Happened to Loopring

Status (checked September 2026): Loopring has shut down. Its wallet and DeFi products closed in 2025, and on June 28, 2026 the team announced that it had closed its exchange.

Loopring was a Layer 2 network built on top of Ethereum. As a zero-knowledge rollup, it bundled trades into batches, processed them off the main chain and posted proofs back to Ethereum, which made trading cheaper. Its token, LRC, is one of the many altcoins, the cryptocurrencies other than bitcoin. This guide explains what happened to Loopring and how to avoid the scams that often follow a shutdown.

Is Loopring safe to use today?

No. Loopring cannot be used safely today because it no longer runs. As of September 2026, its official website, loopring.org, says that “Loopring is no longer operational” and links to the team’s shutdown announcement.

There were warning signs before the shutdown. In January 2026, Upbit, a large South Korean exchange, flagged LRC as a caution asset. It cited poor disclosure, doubts about the project’s business and sustainability, and unclear progress. When Loopring closed its exchange, Cointelegraph reported that the team blamed a lack of adoption.

What happened to Loopring?

Loopring wound down its products over about a year. These are the key dates:

What happened to the LRC token?

LRC became much harder to trade. LRC is an ERC-20 token on Ethereum. A delisting does not delete tokens held in a wallet you control, but it removes places where you can sell them.

Binance’s notice said LRC withdrawals would not be supported after June 1, 2026, and that it may convert leftover delisted tokens into stablecoins for users, though this is not certain. Upbit gave its users until April 16, 2026 to withdraw LRC.

I still have funds on Loopring. What should I do?

Follow only Loopring’s official channels, and treat every other offer as a possible scam. Cointelegraph reported that the team would calculate final user balances and send funds directly to users’ Ethereum wallets in batches, paying the network fees itself. As of September 2026, loopring.org shows only the shutdown notice, so check the announcement it links to for updates.

• Start from the official website. Do not trust links in replies, direct messages or search ads.
• Do not “claim” or “migrate” funds on a new site. Fake claim, airdrop and migration pages often target users of closed projects.
• Never share your seed phrase. No real support team needs your seed phrase or private keys.
• Read what you sign. A wallet drainer is a malicious site that asks you to approve a transaction that lets it move your tokens.
• Do not pay to receive funds. A request for an upfront “release” or “gas” fee is a red flag.

For more warning signs, see how phishing attacks work and how to protect yourself from fraud. Crypto transfers usually cannot be reversed, so a mistake is hard to undo.

What does Loopring’s closure teach about crypto risk?

It shows that a crypto project can close, even after years of building. Keep these points in mind with any project:

• Read closure and delisting notices early. Loopring’s 2025 notices gave users only a few weeks to move their funds.
• Control your own keys. A crypto wallet whose keys you hold does not depend on one project’s app.
• Decentralized does not mean permanent. A decentralized exchange (DEX) can still rely on a team to run key parts, as Loopring’s relayer did.

Malcolm O'Mahony

Malcolm is a Content Marketing Manager at Coinmama. He's passionate about Web3 and specializes in making complex concepts easy to understand. Crypto since 2017. Coinmama since 2020.

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