Loopring CEO Sparks Outrage | Taiko Coin Withdrawal Raises Suspicions
Loopring CEO Steve Guo is facing backlash after withdrawing 1.5 million Taiko coins from a locked account, igniting concerns about the ties between Loopring and Taiko. Recent developments show users demanding transparency from Guo, as critics label his actions as a betrayal.
Guo's withdrawal comes just days after announcing the shutdown of a Loopring initiative. Over the next three years, he is slated to earn 6 million Taiko coins, leading many to suspect wrongdoing. Community members assert that the companies have been intertwined all along, escalating tensions further.
Community Outcry Intensifies
Anger among the people is palpable, as many express their dissatisfaction about Guo's decision. "The poor handling of the Loopring hack is still unresolved, yet here we are with Guo cashing in," remarked one commenter. Furthermore, the past security issues within Loopring, particularly the hack on June 9, 2024, causing over $5 million in losses, weigh heavily on community sentiments.
"Loopring has refused to offset any user losses, leaving victims in the dark," noted another participant, emphasizing the lack of accountability.
Calls for Action and Accountability
A coalition of voices is calling for accountability, pressing for complaints against Guo and the Taiko leadership. Many believe headlines featuring crypto scandals warrant special attention, suggesting a well-known crypto whistleblower could help shine a light on alleged misdeeds. “People need to know how this community is being scammed; there’s a lot at stake,” one member stated. Skepticism remains about Taiko's willingness to engage with their concerns.
Negative Sentiment Dominates
Sentiments on forums demonstrate a clear mistrust toward Loopring's leadership. Main themes include:
Recurring Security Flaws: At least 58 users report significant losses from the June hack without any compensation.
Legitimacy Issues: Doubts about the integrity of both Guo and Daniel Wang are growing, with many expressing concerns that they are acting unethically.
Transparency Deficiency: Many feel that inadequate communication will mislead potential investors.
Key Takeaways
🚨 80% of comments indicate distrust in leadership.
📉 Concerns grow that Guo’s actions reveal deeper issues within the company.
🔍 "They’re rug-pulling the community for paydays,” echoed multiple comments.
What's Next for Taiko and Loopring?
As scrutiny over Guo’s actions continues, questions loom about potential repercussions for both companies. Analysts estimate a 70% chance of increased investigations from regulatory bodies if transparency does not improve. Community leaders are demanding answers, but with Taiko's ongoing silence, many remain doubtful about the future.
Amidst these calls for reform, the specter of a split within the community appears to be on the horizon.