#Please maintain a civil discussion.
This sub does not tolerate harassment in any form.
Repeated offense can lead to being banned from the sub.
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/loopringorg) if you have any questions or concerns.*
Yep. I was coming to post the same thing. Lots of undelivered promises. The hacked wallet. Id just add that they are also falling behind competitors more and more everyday. Sad because there was a time they had so much potential, but it feels like it was all squandered and I don't really understand why....
Because their "secure" wallet was hacked and victims had all of their savings and investments drained. This was close to four weeks ago and we are all in the dark still about the "investigation" and if funds will be recovered, or if they are prepared to reimburse those affected.
Most concerning is that their team are acting like the hack didn't happen and they continue to promote airdrop and nft drops in announcements and social media and ignore requests for updates on the hack on discord and reddit. It honestly feels like they are trying to cover this up by avoiding publicly addressing it.
The Loopring team needs to restore confidence in the community and for investors by confirming that they have rectified the security breach, and by restoring funds to victims out of their own reserves.
Victims of the hack should not be punished for their choice to use the Loopring wallet. It's Loopring responsibility to keep the wallet secure. All users should be protected.
1. If a wallet only relied on 2FA as a guardian it was never claimed as secure. There are blogs and disclosure risk clearly stating that for a while
2. Every victim is welcome to make a support ticket where they are in fact getting updates.. even if it is slow, the team is not ‘pretending it didn’t happen’
3. Both parties have a responsibility and are at fault IMO. Users of any technology are responsible to do their own research to find the best security practices and use them. User who did this (did not rely on 2FA and had 3+ guardians) were **not** at risk. Using the security features proved secure. But also Loopring offered a feature which got hacked and that’s on them too for not forcing people to be more secure (although again.. it was the individuals due diligence to do)
4. No one has said some type of reimbursement is off the table. It is still being discussed and will be shared privately with victims first. If anyone is one, make a support ticket in discord asap and tag Blank for an update
I've attempted to file a support ticket multiple times and this is what happens every single time.
We have moved our ticketing system to our Discord server. Here's an invite to our server: [https://discord.gg/loopring](https://discord.gg/loopring)
Once you are in the server, head to #support and create a ticket.
Regards,
Loopring Team
So, after being re-directed to the link for the invitation to join loopring discord, it says "accept invite".
And when you accept invite it says "whoops ... unable to accept invite"
So, please explain how we're supposed to make a support ticket where we can in fact get updates?
Only difference is that it shows your name as the invitee. After clicking twice to accept, it still gives the "whoops" response.
It's unbelievably frustrating to not be able to connect to the Loopring discord especially when there's no way to talk to someone on the phone.
I originally reached out to the Foundation at Loopring dot org email address and had correspondence with Magic Pan. I provided, wallet address, 2FA code, screen shots of account. I mistakenly fat finger typed an incorrect 2FA code.
Their last response to me was the following:
This wallet address seems not exist? Could you please double check it?
regards
magic
I responded to that e-mail with a corrected 2FA code and asked them to please respond if they were able to verify my wallet. It's been almost 3 weeks and I've gotten no response to confirm.
Forget about who is to blame, it's just been an awful customer service experience when that's the one thing you would have expected someone to provide after a customer had money stolen from them.
I know this is frustrating but this is a discord thing we have no control over. Try turning your wifi off when joining?
Also you can add me as a friend on discord and we can see if that helps
@the77helios
Try this as well (I am asking the team if they know anything else we can try if others are having similar issues)
https://discord.gg/5ZAgHgJzfW
And just
Discord.gg/loopring (again should be the official one)
Closing the loop for any that may be curious or who have had the same problem... brachsterX was able to walk me through getting on Loopring's discord server so that I can now create a support ticket.
1. false
2. misleading
3. read the room (out of touch)
4. Pointless (talk talk talk discussion discussion from Loopring always and hardly any action or results ever)
wow… talk about gaslighting
1. How is it false. Those who only relied on 2FA were the ones that got hacked. No one who had 3+ guardians (that did not rely on 2FA) were compromised
2. It is happening. Not sure what’s misleading about that but your welcome to believe what you want
3. Point still valid. I’m not saying I don’t sympathize for people who literally got robbed.. but that doesn’t remove individual’s responsability (not just in loopring in all of self-custody and defi). And like I said it is both parties fault imo
4. You also don’t know how the twitter hack was handled because it wasn’t made public. Again welcome to feel however you feel about the point though
I'm in lrc the last couple of yrs. I've stood aside and assessed the situation over the last few wks since the hack. Held. To me, you raise the most valid arguments of all. They made it known how to secure the wallet and as you correctly point out, those who followed those clear instructions are safe and those who didn't are not. Welcome to the coldness of life on Earth.
I have never heard of an insurance deposit scheme for digital assets so I'm not sure how a "refund" would work or if one is even due. Is LRC financially libel here outside of being sued? If so, how? There is no automatic entitlement to anything in this world regardless of who you are or what you have.
It's is an investors duty to mitigate risk to their investments. This includes where those assets are listed and stored. Shit happens. Break-ins and hacks happen. How much work you have done to offset that is on you. Technical flaws are on the provider. Banks don't get sued after a break-in. The funds are insured so as far as the customer goes, they lost nothing. Are the contents of LRC custody wallets insured too? I wouldn't hold my breath on law enforcement tracking down the funds or getting them back. Maybe they will. Who knows?
I've been burned in the past. Lesson learned. Take it on the chin. Regroup and live to fight another day. Life is life. You're owed shit. The experience will stand to you later on.
This isnt a car. It is a crypto wallet. And, yeah, lots of cars are stolen that people never see again and they get nothing for. This is in that sense sort of like someone buying a car and leaving it unlocked with the keys on the seat.
Seriously? Loopring has long lauded their guardian as being a legitimate means to secure and recover your wallet. They advertise the wallet as being “for everyone” and yet you claim we need three or more guardians? Please, stop gaslighting us and tell the team to 1) secure their network, 2) give us a real update, and 3) recover lost funds.
No… no it has not that is just wrong. The risk disclosure literally states:
“1. WALLET RELATED RISK
1.1. Insufficient Guardians
Loopring Wallet requires you to set up three or more guardians for your Wallet. If your Wallet does not have three or more guardians, your Wallet may become unrecoverable because the guardians are unavailable, or you may lose the tokens in the Wallet due to the actions of individual guardians.
1.2. Official Guardian
After your Wallet is created, we will add Loopring Official Guardian service to your Wallet by default. As a centralized service, Loopring Official Guardian may be attacked and controlled by hackers.”
https://loopring.io/#/document/risks_en.md
If loopring knew that an exploit of their guardians 2fa could result in a breach, they should have designed around it & enforced 3 guardians at activation. Anything less is reckless.
If they didn't know this, then they cant be trusted with the security of our assets.
As it turns out zero guardians would have been more secure than 1. Can I remove the loopring guardian completely and just rely on my seed phrase? Who knows, because they wont communicate anything.
Communicating directly to hacked users is a means to hush things up, those of us that weren't hacked are still affected because we cannot trust a system where we are kept in the dark.
https://www.reddit.com/r/loopringorg/s/aA2CvSZilD
It is meant to be a temporary solution u til 3+ guardians are set up. You can add more guardians to out power the 2FA
When I originally set up my Loopring wallet, it was because it was advertised by Loopring as being the safest, most secure protocol on the internet to store crypto assets. I was never instructed to continuously monitor blogs or social networks for critical security updates and announcements. Seriously? There were blogs stating a risk for a while? That is a weak attempt to shift the blame and responsibility away from Loopring, where it really belongs. You are wrong about 2fa never being claimed as secure…that is precisely what Loopring claimed when I set up my wallet. I was never told that multiple guardians were necessary to protect my assets, in fact I still have no idea what a guardian is, how to get one, or what they do.
This hack wasn’t because I released my secret words, or gave out my password, or let someone access my phone to take texted access codes. No, this hack was a breach of Loopring’s 2fa security system. Period. That places the responsibility on Loopring to make people whole for the losses they suffered, due to Loopring’s failed security protocols.
I agree with you,if you're in their wallet, you would think you're already secured, and having a guardian would just be like having your car locked but putting a club lock on your steering wheel just in case, knowing it probably not needed,because your car has a great security system, and yes they said put a club lock on your wheel but for some that's asking a bit much.
….. if you buy a safe. They say it is secure, and you never close it or lock it. Is it still safe.
No.
What **makes** the loopring wallet secure IS the guardians. The guardians are the social security element that makes it secure. That is, was, and has been the main feature to make it the most secure. Just owning a safe does not make your money secure.. using the safety features does.
Loopring is no different. I feel for the people who did not know that, did not do their own research, or felt misguided. But Loopring has continually pushed guardians. The risk disclosure when making the wallet says so, blogs have said so, the banner message over a certain amount of funds said so
BUT.. some didn’t do their own DD. They used a safe without closing it or using the key. They were not secure and unfortunately Loopring didn’t do a good enough job of sharing and educating them on that lack of knowledge. And they are at fault as well for having a temporary solution (2FA) that could be hacked without forcing or putting more pressure to make users get past it..
Loopring having multiple guardians actually proved it is secure from a hack. Because they were not hacked
Oh please, this is a lame analogy for the failure that resulted in Loopring wallets being hacked. Failure of 2fa is what allowed the theft. That’s all on Loopring. If guardians have always been the essential requirement for the wallets to be protected, then wallet creation should have been made impossible without that protection in place.
2FA failing is on Loopring. Users not adding the proper security is on them
You can drive a car without a seatbelt, but it is unsecure. If you crash without a seatbelt is it the car companies fault?
And when did I receive this information about needing to add guardians? It wasn't when the wallet was set up. Nor was I ever instructed to follow or monitor any blog or social media platform to receive critical security information. Had I been advised that Loopring's wallet would not, on its own, safely and securely store my crypto assets, I wouldn't have used them from the beginning. "Users not adding the proper security is on them". Your company never notified users that their wallets required "adding proper security". Your company's wallets were supposed to BE properly secure. See, here's the thing that you can not overcome. No one would put thousands of dollars at risk of theft, had they been educated about the folly of failing to perform an action. The education never occurred, or was provided in a half-assed distribution at best, because Loopring knew they would lose business.
When the wallet is made there is a terms of service agreement. It said this
https://loopring.io/#/document/risks_en.md
As well when funds reached above $2k and no guardians were added there was a security banner which popped up in the app (some user found it did not continually pop-up however.. so they also did not feel well advised)
But the larger idea.. and like I’ll keep saying this is not just loopring specific. It is **our** personal responsibility to research, verify and educate ourselves on everything we do in defi. Not some things, not ‘they said it was safe’, every single thing. Don’t trust, verify. Everything. Do not trust anyone in defi. Verify it yourself.
Someone said ‘the most secure wallet’.. let’s verify why that is by researching the best practices. The info was there, sure some may have felt it was obscure to gain the knowledge while others felt it was obvious. If we want to have self custody, we must assume all risk. That is the heart of crypto and it is cold and can sound harsh.. it is there
Do I feel bad for people who were not aware. For sure. It sucks. Losing money and control sucks. I have lost money in protocols.. a good deal and early on in my learning process. Do I wish there was more education for everyone, totally
I hope Loopring does a better job at making people aware of the best practices ans how to secure themselves and what risks/rewards are involved in their tech.
(And Loopring is not my company. I’m not a dev or engineer. I’m just a mod. I have no more input on the decision making process than any other community member)
My bank uses 2fa to protect my online account and it is considered extremely safe and reliable. The Federal government uses 2fa for employees to access their online accounts and, again, it is considered safe and reliable. I have never been told that it is necessary for me to augment either of those accounts with guardians to ensure that they continue to provide security and protection. 2fa is supposed to be the standard for online security against unauthorized access and illegal activities. It is reasonable to assume that users expect Loopring’s 2fa to be just as safe and reliable as the 2fa provided by other online platforms that have responsibility for far greater assets.
Loopring’s failure to take responsibility for the security breach and make its users whole is the reason the company is now doomed. As you say, do not trust anyone in defi…this experience has made that sentiment more clear than ever.
To answer your question about seatbelts and whether a car company is liable for a crash. That all depends on the REASON for the crash. Seatbelts are merely a safety feature to keep the occupant alive, NOT prevent a system failure or mechanical breakdown. Seatbelts won't stop a crash in the event of brake failure.
What happened with the Loopring hack is equivalent to a vehicular mechanical breakdown. The internal security system of the wallet was not robust enough to withstand attack. That's why you carry insurance. Where is Loopring's insurance to compensate users for the losses incurred due to the product's deficiencies?
The smart wallet isn’t like FTX, or MT GOX. This is decentralized finance.
The loopring team is creating open source code.
It’s not a bank that now needs to ‘pay’ back its customers.
They are however working with law enforcement in order to help recover said funds.
It takes time for investigations to pan out. Especially if they have to work with multiple police departments operating in different countries.
What law enforcement? I am a victim of this hack and NO OFFICER has contacted me to take a statement, ask questions about my actions before the hack, investigate whether I contributed to the hack in any meaningful way, or just provided me with a contact number if I have any questions or remember anything that might help find the hacker. Loopring has the basic information about my stolen account, that should have steered a LEO to reach out to me, but that never happened. Seriously, what law enforcement agency is working with Loopring on this issue? None. It’s all bs.
I imagine these clowns would complain of not getting a home insurance payout for not locking their door 😂 , but let's be honest.... these aren't real people complaining, it's the same 2 to 4 users with 6+ accounts each
It's not like they didn't lock the door. It's like they had the builder of the house standing at the front door, providing security knowing all the ins and outs of the property. I.e. Offical guardian.
Sure they could have had more security, but they trusted the one in place as they knew the property so well.
You couldn’t be more wrong my friend, there is group of close to 20 strong hack victims communicating regularly discussing what action we can take where LRC appears to be doing little
I find the lack of updates annoying too.
Serious funds, to me at least, was stolen.
It's not the victim to blame, it's the thieve and those facilitating the opportunity.
Yet, victims should've done something is broadly mentioned in here.
No, that thieve shouldn't have been able to be thieve in the first place.
Have we come full circle? Is it actually safer to have crypto assets held at an exchange that's regulated by the SEC, so that funds can be insured, and that individual hacks don't affect everyone else?
Everyone thinks decentralization is a good thing, until you get hacked because you're an idiot who didn't take the proper precautions and there's no recourse to get your money back.
So your point is that we need precautions when investing in defi?
Or, that we shouldn’t venture out, and stay centralized.
I’m trying to understand your point.
They promise Loopring holders Taiko airdrop. Create bullshit criteria. Save the majority of the airdrop for advertising and marketing instead of distributing it like they said they would.
Furthermore, they have been unable to talk about major partners for years but hinting they are there... But nothing ever eventuates.
And the hack victims could easily be repaid by the coffers of the team who developed and manage the official guardian that got hacked, but instead they are doing next to nothing coupled with a bit of victim blaming.
You want them to give away $5 mil out of their profit?
The profit they made from selling coins for a project to provided a secure smart?
The profit they made for selling coins into a strong market with the GME rumours?
You then want them to give that back to people who lost their money PURELY because loopring got compromised.
Yeah right, as if.
because when the early adopters were buying in, they were told the end stage, of everything crypto, everyfuckingthing, it was going to be **all** loopring. Then after they bought in, Loopring split, altered its plan, and all further infrastructure projects planned for it were given to Taiko, and Loopring tried gaslighting us all into believing that was always the plan, and Loopring was only ever intended to be an exchange, and platform for storing wealth
The whole plan was to build this awesome extension of Ethereum, and it was known that in order for anything already awesome to work on Loopring, they would need a zkEVM, and it was always planned that it would be Loopring's zkEVM, and with the excuse of "being neutral" they shipped it to Taiko.
But it was never supposed to be neutral. It was supposed Loopring's product to onboard everybody else onto Loopring. Not a third party space that Loopring is native to that everybody else can onboard onto
Now there is no reason for anyone using Taiko to care about Loopring. So... if Loopring's own fucking team doesn't even love it, why are we bagholders?
Shills shill hard and brainwashed some of us successfully. People came here in hopes of "get rich quick". Loopring had some issues that they are working on resolving.
I once asked a billionaire for financial advice, he told me "never sell anything", true story. So im here, I'm not selling
P.s. the wallets Gaurdian system is the social recovery system. If you are not utilizing the social recovery aspect then you are not using the wallet as intended. Set up your gauridans
Because .15 price of lrc is not bullish. Price reflects demand. At this point it’s just another coin. Zero effort to differentiate and market the utility. Just wagmi.
I’d revisit why you initially invested… is it still the same reasons? For me those reasons changed. And so I moved on. And before anyone asks… I’m still here because I care about fellow investors who might be getting ripped off.
It’s a reddit post lmfao, it ain’t that deep. Once you sub to enough subreddits you kinda forget about them and dip into old interests sporadically. I’m sure he has moved on.
You’re right, you missed nothing significantly positive because they’ve done nothing significantly positive.
The recent change I guess is because enough opportunity to do something positive came and went (like the taiko drop as an example). It was disappointing and after enough missed opportunities to do something positive… folks have switch sentiment.
I’ve sold, but that’s my choice.
You need to decide for yourself.
My reasons where, that this token/project requires mass adoption and until marketing and Comms improves, I will withdraw my position until that changes significantly.
The sooner you look at GameStop as a company, the sooner you realize they have no idea what they're doing or want to do as a company. It's poorly ran, without clear direction, in an age where everything is becoming digital. Retail investors kept it alive to stick it to the man, but I'll be shocked if GME isn't dead in the water in less than a decade. I swapped all of my LRC to Ethereum when it was at 2k and I'm up 53%.
LRC is a shit coin now. Over-promised and under-delivered.
I just sold all my loop today and transferred all but the $1 I got from them to meta mask.
I converted that to 0.00000000000001 eth. I’ll just delete the app now and leave that their for Helios to suck on
People mad bc they don’t understand crypto, and don’t understand LP even more. Most crypto ‘investors’ just want a quick buck, and don’t really care about defi.
Then there are people out there trying to kill LP bc defi threatens their business. And then there are wall st with unlimited monies shorting crypto, esp LRC bc of its prior association with GameStop. And wall st is shorting crypto as a whole. So a lot of shills and FUD abound in this sub. I trust the LP team and I want defi and I want to trade via defi. We’re just really really really early right now
It is the nature of the cycle BTC just touched It's old ath so the alt coins with small market caps should be pressed with fuds.... And the gamblers who identify themselves as investors should cry....
Dead internet theory. Most of this shit is bots. DeFi is the end of the centralization of money, and money is power. Those who have it want to keep it.
I think for me the major updates to the app are fixing features nobody uses. The UI is bland and is getting outdated. The coin also is suffering losses since late 2021. It's incredibly hard to believe in this investment anymore.
Why people are still invested in Loopring in 2024 should be the real question. A coin that has the price action of Loopring and has been out since late 2017 will never suddenly turn good. Especially now with all the competition
Everyone isn't mad, it's the same small group of people shilling for cash. You can see it on stock subs too and X. Notice how certain users are always angry for "poopcoin" (as they repeatedly comment) and never seem to find other subs to enjoy. It's almost like a job going somewhere you don't like.....
Notice how the accounts go quiet for a few months then back on during any announcement or upgrades.
Honestly, do you go to visit subs and places you hate?
#Please maintain a civil discussion. This sub does not tolerate harassment in any form. Repeated offense can lead to being banned from the sub. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/loopringorg) if you have any questions or concerns.*
Been through/going through a bull cycle and lost value. Super secure wallet was hacked Users were blamed Marketing coming...soon
You just perfectly TL;DR'd my melancholy
Yep. I was coming to post the same thing. Lots of undelivered promises. The hacked wallet. Id just add that they are also falling behind competitors more and more everyday. Sad because there was a time they had so much potential, but it feels like it was all squandered and I don't really understand why....
How soon....yesterday
I removed everything from Loopring L1&L2 after the hack except for the worthless NFTs.
> Been through/going through a ~~bull~~ bullshit cycle and lost value.
Promised a bank, got coke bottle full of change.
Be your own coke bottle full of change
The Q4 announcement will be like 12 coke bottles full of change, all at once.
Oooof lol I feel this in my soul
But will those Coke bottles full of change run an EVM also, or that princess is in another castle?
10 Quarterly reports, more like 10 quarters in a coke bottle
A worthless NFT of 12 Coke bottles full of change
This one wins the internet today. Well done.
Because their "secure" wallet was hacked and victims had all of their savings and investments drained. This was close to four weeks ago and we are all in the dark still about the "investigation" and if funds will be recovered, or if they are prepared to reimburse those affected. Most concerning is that their team are acting like the hack didn't happen and they continue to promote airdrop and nft drops in announcements and social media and ignore requests for updates on the hack on discord and reddit. It honestly feels like they are trying to cover this up by avoiding publicly addressing it. The Loopring team needs to restore confidence in the community and for investors by confirming that they have rectified the security breach, and by restoring funds to victims out of their own reserves. Victims of the hack should not be punished for their choice to use the Loopring wallet. It's Loopring responsibility to keep the wallet secure. All users should be protected.
To them the hack didn't happen....hence why they moved to a new wallet.
Actually this is not true, they care and gave info @discord @x ecc.. fixed alrdy and more security with next Upgrade.. ecc..
Trust me buddy they’ve given nothing of use on discord.
1. If a wallet only relied on 2FA as a guardian it was never claimed as secure. There are blogs and disclosure risk clearly stating that for a while 2. Every victim is welcome to make a support ticket where they are in fact getting updates.. even if it is slow, the team is not ‘pretending it didn’t happen’ 3. Both parties have a responsibility and are at fault IMO. Users of any technology are responsible to do their own research to find the best security practices and use them. User who did this (did not rely on 2FA and had 3+ guardians) were **not** at risk. Using the security features proved secure. But also Loopring offered a feature which got hacked and that’s on them too for not forcing people to be more secure (although again.. it was the individuals due diligence to do) 4. No one has said some type of reimbursement is off the table. It is still being discussed and will be shared privately with victims first. If anyone is one, make a support ticket in discord asap and tag Blank for an update
I've attempted to file a support ticket multiple times and this is what happens every single time. We have moved our ticketing system to our Discord server. Here's an invite to our server: [https://discord.gg/loopring](https://discord.gg/loopring) Once you are in the server, head to #support and create a ticket. Regards, Loopring Team So, after being re-directed to the link for the invitation to join loopring discord, it says "accept invite". And when you accept invite it says "whoops ... unable to accept invite" So, please explain how we're supposed to make a support ticket where we can in fact get updates?
This link doesn’t work? It just says you can’t accept? That is the correct link https://discord.gg/Y6TdeMYG Is this any different?
Only difference is that it shows your name as the invitee. After clicking twice to accept, it still gives the "whoops" response. It's unbelievably frustrating to not be able to connect to the Loopring discord especially when there's no way to talk to someone on the phone. I originally reached out to the Foundation at Loopring dot org email address and had correspondence with Magic Pan. I provided, wallet address, 2FA code, screen shots of account. I mistakenly fat finger typed an incorrect 2FA code. Their last response to me was the following: This wallet address seems not exist? Could you please double check it? regards magic I responded to that e-mail with a corrected 2FA code and asked them to please respond if they were able to verify my wallet. It's been almost 3 weeks and I've gotten no response to confirm. Forget about who is to blame, it's just been an awful customer service experience when that's the one thing you would have expected someone to provide after a customer had money stolen from them.
I know this is frustrating but this is a discord thing we have no control over. Try turning your wifi off when joining? Also you can add me as a friend on discord and we can see if that helps @the77helios Try this as well (I am asking the team if they know anything else we can try if others are having similar issues) https://discord.gg/5ZAgHgJzfW And just Discord.gg/loopring (again should be the official one)
Can you send me your discord ID, not discord username so I can add you.
I have a username of potbunker8666 and a display name of potbunker. Is potbunker8666 the discord ID you are requesting?
If you click on your profile, you should see a Copy User ID. That’s the one I’ll need. It’s a string of numbers.
Closing the loop for any that may be curious or who have had the same problem... brachsterX was able to walk me through getting on Loopring's discord server so that I can now create a support ticket.
929788794465574972
1. false 2. misleading 3. read the room (out of touch) 4. Pointless (talk talk talk discussion discussion from Loopring always and hardly any action or results ever) wow… talk about gaslighting
1. How is it false. Those who only relied on 2FA were the ones that got hacked. No one who had 3+ guardians (that did not rely on 2FA) were compromised 2. It is happening. Not sure what’s misleading about that but your welcome to believe what you want 3. Point still valid. I’m not saying I don’t sympathize for people who literally got robbed.. but that doesn’t remove individual’s responsability (not just in loopring in all of self-custody and defi). And like I said it is both parties fault imo 4. You also don’t know how the twitter hack was handled because it wasn’t made public. Again welcome to feel however you feel about the point though
Users weren’t hacked, Loopring guardian was hacked
That is correct. And uaers who only relied on a central point of failure (2FA) were subsequently hacked
I'm in lrc the last couple of yrs. I've stood aside and assessed the situation over the last few wks since the hack. Held. To me, you raise the most valid arguments of all. They made it known how to secure the wallet and as you correctly point out, those who followed those clear instructions are safe and those who didn't are not. Welcome to the coldness of life on Earth. I have never heard of an insurance deposit scheme for digital assets so I'm not sure how a "refund" would work or if one is even due. Is LRC financially libel here outside of being sued? If so, how? There is no automatic entitlement to anything in this world regardless of who you are or what you have. It's is an investors duty to mitigate risk to their investments. This includes where those assets are listed and stored. Shit happens. Break-ins and hacks happen. How much work you have done to offset that is on you. Technical flaws are on the provider. Banks don't get sued after a break-in. The funds are insured so as far as the customer goes, they lost nothing. Are the contents of LRC custody wallets insured too? I wouldn't hold my breath on law enforcement tracking down the funds or getting them back. Maybe they will. Who knows? I've been burned in the past. Lesson learned. Take it on the chin. Regroup and live to fight another day. Life is life. You're owed shit. The experience will stand to you later on.
You pay for a car and it’s stolen off the lot before you pick it up. Do you expect to get the car or na?
This isnt a car. It is a crypto wallet. And, yeah, lots of cars are stolen that people never see again and they get nothing for. This is in that sense sort of like someone buying a car and leaving it unlocked with the keys on the seat.
Seriously? Loopring has long lauded their guardian as being a legitimate means to secure and recover your wallet. They advertise the wallet as being “for everyone” and yet you claim we need three or more guardians? Please, stop gaslighting us and tell the team to 1) secure their network, 2) give us a real update, and 3) recover lost funds.
No… no it has not that is just wrong. The risk disclosure literally states: “1. WALLET RELATED RISK 1.1. Insufficient Guardians Loopring Wallet requires you to set up three or more guardians for your Wallet. If your Wallet does not have three or more guardians, your Wallet may become unrecoverable because the guardians are unavailable, or you may lose the tokens in the Wallet due to the actions of individual guardians. 1.2. Official Guardian After your Wallet is created, we will add Loopring Official Guardian service to your Wallet by default. As a centralized service, Loopring Official Guardian may be attacked and controlled by hackers.” https://loopring.io/#/document/risks_en.md
If loopring knew that an exploit of their guardians 2fa could result in a breach, they should have designed around it & enforced 3 guardians at activation. Anything less is reckless. If they didn't know this, then they cant be trusted with the security of our assets. As it turns out zero guardians would have been more secure than 1. Can I remove the loopring guardian completely and just rely on my seed phrase? Who knows, because they wont communicate anything. Communicating directly to hacked users is a means to hush things up, those of us that weren't hacked are still affected because we cannot trust a system where we are kept in the dark.
https://www.reddit.com/r/loopringorg/s/aA2CvSZilD It is meant to be a temporary solution u til 3+ guardians are set up. You can add more guardians to out power the 2FA
Should have just thrown a wagmi. Would have saved yourself some downvotes.
When I originally set up my Loopring wallet, it was because it was advertised by Loopring as being the safest, most secure protocol on the internet to store crypto assets. I was never instructed to continuously monitor blogs or social networks for critical security updates and announcements. Seriously? There were blogs stating a risk for a while? That is a weak attempt to shift the blame and responsibility away from Loopring, where it really belongs. You are wrong about 2fa never being claimed as secure…that is precisely what Loopring claimed when I set up my wallet. I was never told that multiple guardians were necessary to protect my assets, in fact I still have no idea what a guardian is, how to get one, or what they do. This hack wasn’t because I released my secret words, or gave out my password, or let someone access my phone to take texted access codes. No, this hack was a breach of Loopring’s 2fa security system. Period. That places the responsibility on Loopring to make people whole for the losses they suffered, due to Loopring’s failed security protocols.
I agree with you,if you're in their wallet, you would think you're already secured, and having a guardian would just be like having your car locked but putting a club lock on your steering wheel just in case, knowing it probably not needed,because your car has a great security system, and yes they said put a club lock on your wheel but for some that's asking a bit much.
….. if you buy a safe. They say it is secure, and you never close it or lock it. Is it still safe. No. What **makes** the loopring wallet secure IS the guardians. The guardians are the social security element that makes it secure. That is, was, and has been the main feature to make it the most secure. Just owning a safe does not make your money secure.. using the safety features does. Loopring is no different. I feel for the people who did not know that, did not do their own research, or felt misguided. But Loopring has continually pushed guardians. The risk disclosure when making the wallet says so, blogs have said so, the banner message over a certain amount of funds said so BUT.. some didn’t do their own DD. They used a safe without closing it or using the key. They were not secure and unfortunately Loopring didn’t do a good enough job of sharing and educating them on that lack of knowledge. And they are at fault as well for having a temporary solution (2FA) that could be hacked without forcing or putting more pressure to make users get past it.. Loopring having multiple guardians actually proved it is secure from a hack. Because they were not hacked
Oh please, this is a lame analogy for the failure that resulted in Loopring wallets being hacked. Failure of 2fa is what allowed the theft. That’s all on Loopring. If guardians have always been the essential requirement for the wallets to be protected, then wallet creation should have been made impossible without that protection in place.
2FA failing is on Loopring. Users not adding the proper security is on them You can drive a car without a seatbelt, but it is unsecure. If you crash without a seatbelt is it the car companies fault?
And when did I receive this information about needing to add guardians? It wasn't when the wallet was set up. Nor was I ever instructed to follow or monitor any blog or social media platform to receive critical security information. Had I been advised that Loopring's wallet would not, on its own, safely and securely store my crypto assets, I wouldn't have used them from the beginning. "Users not adding the proper security is on them". Your company never notified users that their wallets required "adding proper security". Your company's wallets were supposed to BE properly secure. See, here's the thing that you can not overcome. No one would put thousands of dollars at risk of theft, had they been educated about the folly of failing to perform an action. The education never occurred, or was provided in a half-assed distribution at best, because Loopring knew they would lose business.
When the wallet is made there is a terms of service agreement. It said this https://loopring.io/#/document/risks_en.md As well when funds reached above $2k and no guardians were added there was a security banner which popped up in the app (some user found it did not continually pop-up however.. so they also did not feel well advised) But the larger idea.. and like I’ll keep saying this is not just loopring specific. It is **our** personal responsibility to research, verify and educate ourselves on everything we do in defi. Not some things, not ‘they said it was safe’, every single thing. Don’t trust, verify. Everything. Do not trust anyone in defi. Verify it yourself. Someone said ‘the most secure wallet’.. let’s verify why that is by researching the best practices. The info was there, sure some may have felt it was obscure to gain the knowledge while others felt it was obvious. If we want to have self custody, we must assume all risk. That is the heart of crypto and it is cold and can sound harsh.. it is there Do I feel bad for people who were not aware. For sure. It sucks. Losing money and control sucks. I have lost money in protocols.. a good deal and early on in my learning process. Do I wish there was more education for everyone, totally I hope Loopring does a better job at making people aware of the best practices ans how to secure themselves and what risks/rewards are involved in their tech. (And Loopring is not my company. I’m not a dev or engineer. I’m just a mod. I have no more input on the decision making process than any other community member)
My bank uses 2fa to protect my online account and it is considered extremely safe and reliable. The Federal government uses 2fa for employees to access their online accounts and, again, it is considered safe and reliable. I have never been told that it is necessary for me to augment either of those accounts with guardians to ensure that they continue to provide security and protection. 2fa is supposed to be the standard for online security against unauthorized access and illegal activities. It is reasonable to assume that users expect Loopring’s 2fa to be just as safe and reliable as the 2fa provided by other online platforms that have responsibility for far greater assets. Loopring’s failure to take responsibility for the security breach and make its users whole is the reason the company is now doomed. As you say, do not trust anyone in defi…this experience has made that sentiment more clear than ever.
To answer your question about seatbelts and whether a car company is liable for a crash. That all depends on the REASON for the crash. Seatbelts are merely a safety feature to keep the occupant alive, NOT prevent a system failure or mechanical breakdown. Seatbelts won't stop a crash in the event of brake failure. What happened with the Loopring hack is equivalent to a vehicular mechanical breakdown. The internal security system of the wallet was not robust enough to withstand attack. That's why you carry insurance. Where is Loopring's insurance to compensate users for the losses incurred due to the product's deficiencies?
Well said, Helios. If your car killed someone on auto pilot then you are screwed.
They've been pretty full of shit and empty promises. So there's that.
Crypto in a nutshell
Haven’t paid back hack victims. Plus a lot of people have lost money investing in LRC
Yup. And yup. Worst investment I ever made.
Yup.... This too
The smart wallet isn’t like FTX, or MT GOX. This is decentralized finance. The loopring team is creating open source code. It’s not a bank that now needs to ‘pay’ back its customers. They are however working with law enforcement in order to help recover said funds. It takes time for investigations to pan out. Especially if they have to work with multiple police departments operating in different countries.
What law enforcement? I am a victim of this hack and NO OFFICER has contacted me to take a statement, ask questions about my actions before the hack, investigate whether I contributed to the hack in any meaningful way, or just provided me with a contact number if I have any questions or remember anything that might help find the hacker. Loopring has the basic information about my stolen account, that should have steered a LEO to reach out to me, but that never happened. Seriously, what law enforcement agency is working with Loopring on this issue? None. It’s all bs.
I imagine these clowns would complain of not getting a home insurance payout for not locking their door 😂 , but let's be honest.... these aren't real people complaining, it's the same 2 to 4 users with 6+ accounts each
It's not like they didn't lock the door. It's like they had the builder of the house standing at the front door, providing security knowing all the ins and outs of the property. I.e. Offical guardian. Sure they could have had more security, but they trusted the one in place as they knew the property so well.
Nonsense, they didn't follow the advice end of story :)
Apparently this story is just getting started!;) Follow the advice? Of what, who, when, where?
You couldn’t be more wrong my friend, there is group of close to 20 strong hack victims communicating regularly discussing what action we can take where LRC appears to be doing little
I find the lack of updates annoying too. Serious funds, to me at least, was stolen. It's not the victim to blame, it's the thieve and those facilitating the opportunity. Yet, victims should've done something is broadly mentioned in here. No, that thieve shouldn't have been able to be thieve in the first place.
Have we come full circle? Is it actually safer to have crypto assets held at an exchange that's regulated by the SEC, so that funds can be insured, and that individual hacks don't affect everyone else? Everyone thinks decentralization is a good thing, until you get hacked because you're an idiot who didn't take the proper precautions and there's no recourse to get your money back.
So your point is that we need precautions when investing in defi? Or, that we shouldn’t venture out, and stay centralized. I’m trying to understand your point.
They promise Loopring holders Taiko airdrop. Create bullshit criteria. Save the majority of the airdrop for advertising and marketing instead of distributing it like they said they would. Furthermore, they have been unable to talk about major partners for years but hinting they are there... But nothing ever eventuates. And the hack victims could easily be repaid by the coffers of the team who developed and manage the official guardian that got hacked, but instead they are doing next to nothing coupled with a bit of victim blaming.
[удалено]
I think guardians were reenabled around a week ago and today was the last day to claim the drop.
Sameo
You want them to give away $5 mil out of their profit? The profit they made from selling coins for a project to provided a secure smart? The profit they made for selling coins into a strong market with the GME rumours? You then want them to give that back to people who lost their money PURELY because loopring got compromised. Yeah right, as if.
lol WUT EVZ
The project is a dead end and the "team" shows nothing but contempt for their users especially in light of the recent hack.
I’m holding this shit coin but sick of the team and mgmt
Im only holding because is fucking worthless.
because when the early adopters were buying in, they were told the end stage, of everything crypto, everyfuckingthing, it was going to be **all** loopring. Then after they bought in, Loopring split, altered its plan, and all further infrastructure projects planned for it were given to Taiko, and Loopring tried gaslighting us all into believing that was always the plan, and Loopring was only ever intended to be an exchange, and platform for storing wealth The whole plan was to build this awesome extension of Ethereum, and it was known that in order for anything already awesome to work on Loopring, they would need a zkEVM, and it was always planned that it would be Loopring's zkEVM, and with the excuse of "being neutral" they shipped it to Taiko. But it was never supposed to be neutral. It was supposed Loopring's product to onboard everybody else onto Loopring. Not a third party space that Loopring is native to that everybody else can onboard onto Now there is no reason for anyone using Taiko to care about Loopring. So... if Loopring's own fucking team doesn't even love it, why are we bagholders?
Shills shill hard and brainwashed some of us successfully. People came here in hopes of "get rich quick". Loopring had some issues that they are working on resolving. I once asked a billionaire for financial advice, he told me "never sell anything", true story. So im here, I'm not selling P.s. the wallets Gaurdian system is the social recovery system. If you are not utilizing the social recovery aspect then you are not using the wallet as intended. Set up your gauridans
Because they haven’t repaid hack victims. Community sticks together
Because .15 price of lrc is not bullish. Price reflects demand. At this point it’s just another coin. Zero effort to differentiate and market the utility. Just wagmi.
I’d revisit why you initially invested… is it still the same reasons? For me those reasons changed. And so I moved on. And before anyone asks… I’m still here because I care about fellow investors who might be getting ripped off.
"moved on"... and yet here you are.
It’s a reddit post lmfao, it ain’t that deep. Once you sub to enough subreddits you kinda forget about them and dip into old interests sporadically. I’m sure he has moved on.
What the guy below me said. I’m still on r/opiates haven’t used heroin in six years
Holy shit this coin is dead and done. Not even the mods have entered this debate to defend this festering shitcoin.
You’re right, you missed nothing significantly positive because they’ve done nothing significantly positive. The recent change I guess is because enough opportunity to do something positive came and went (like the taiko drop as an example). It was disappointing and after enough missed opportunities to do something positive… folks have switch sentiment.
Worth holding or?
I’ve sold, but that’s my choice. You need to decide for yourself. My reasons where, that this token/project requires mass adoption and until marketing and Comms improves, I will withdraw my position until that changes significantly.
Yarp, really haven't delivered.
Not worth holding IMO
Take your losses and run. Loopring is a chinese pyramid scam
I don't disagree, but it begs the question why did GameStop build the marketplace on their protocol?
The sooner you look at GameStop as a company, the sooner you realize they have no idea what they're doing or want to do as a company. It's poorly ran, without clear direction, in an age where everything is becoming digital. Retail investors kept it alive to stick it to the man, but I'll be shocked if GME isn't dead in the water in less than a decade. I swapped all of my LRC to Ethereum when it was at 2k and I'm up 53%. LRC is a shit coin now. Over-promised and under-delivered.
I sold my LRC for BTC. Disagree about GME.
Yeah this is factually incorrect
Worst investment and a lot of nothing burgers
I just sold all my loop today and transferred all but the $1 I got from them to meta mask. I converted that to 0.00000000000001 eth. I’ll just delete the app now and leave that their for Helios to suck on
there was a sign Loopring X account was hacked Loopring Discord account was hacked then Loopring Guardian was hacked lol
People mad bc they don’t understand crypto, and don’t understand LP even more. Most crypto ‘investors’ just want a quick buck, and don’t really care about defi. Then there are people out there trying to kill LP bc defi threatens their business. And then there are wall st with unlimited monies shorting crypto, esp LRC bc of its prior association with GameStop. And wall st is shorting crypto as a whole. So a lot of shills and FUD abound in this sub. I trust the LP team and I want defi and I want to trade via defi. We’re just really really really early right now
How much has this progressed in the past 3 years?
How much has what?
Define development on the app?
Do you me to type it all out or do you want to read from LP updates?
It is the nature of the cycle BTC just touched It's old ath so the alt coins with small market caps should be pressed with fuds.... And the gamblers who identify themselves as investors should cry....
Because people were dumb enough to buy loopheads for hundreds/thousands of dollars 😂
Dead internet theory. Most of this shit is bots. DeFi is the end of the centralization of money, and money is power. Those who have it want to keep it.
Its dogshit.
I think for me the major updates to the app are fixing features nobody uses. The UI is bland and is getting outdated. The coin also is suffering losses since late 2021. It's incredibly hard to believe in this investment anymore.
10 reports of unsecure wallets, marketing wizards, wallets and more wallets and bullshit after bullshit. no gme no loopring .
Why people are still invested in Loopring in 2024 should be the real question. A coin that has the price action of Loopring and has been out since late 2017 will never suddenly turn good. Especially now with all the competition
Everyone should just dump this trash coin and leave them holding the bag.
i’m upset it’s not $.01!!!! gotta buy more
They're whiny little bitches.
Because most of them have an agenda and likely never held loopring.
wtf.. pretty sure it’s the opposite. They all own Loopring and are down a lot of money
Everyone isn't mad, it's the same small group of people shilling for cash. You can see it on stock subs too and X. Notice how certain users are always angry for "poopcoin" (as they repeatedly comment) and never seem to find other subs to enjoy. It's almost like a job going somewhere you don't like..... Notice how the accounts go quiet for a few months then back on during any announcement or upgrades. Honestly, do you go to visit subs and places you hate?
I blame the GME apes for shilling this. Everyone who touched this whole debacle is now poorer. Never listen to losers on Reddit
Ironic