Loopring CEO Steve Guo announces his resignation via Medium, stating he is leaving the project to spend more time with his family. How has the community reacted?
Summary
- Loopring CEO Steve Guo leaves the project at the end of August 2025 to spend more time with his family.
- Some traders speculated on Guo’s existence when they were disappointed by the sunset of its smart wallet feature.
- After Guo left the project, the price of LRC surged by 9.1% before gradually dipping.
In a recent Medium blogpost titled “Time to Say Goodbye,” Loopring’s (LRC) Steve Guo announced that he is stepping down from CEO as of August 2025. He cited his need to spend more time with his family as the reason behind the abrupt departure.
“It’s never easy to say goodbye, especially to a project I’ve poured so much heart and energy into, but the time has come to move forward,” said Guo.
Loopring is known in the crypto community as an open-source Layer 2 protocol that supports decentralized exchanges and payment systems on the Ethereum (ETH) network. The project became the first to deploy zk Rollup technology to scale ETH.
In his letter to the community, he addresses the highs and lows that the project has experienced while he was at the helm. He claimed that the project was able to build a DeFi-powered ecosystem on top of the existing foundation, with the addition of native features like dual investment, block trade, and portal.
On the other hand, one of the project’s major investments ended up becoming a double-edged sword when it announced that it would be ceasing operations for its Smart Wallet segment. Back in late June this year, the protocol shut down support for its wallet interface, prompting lots of ire from the community.
Questions about Loopring CEO’s existence
After the project ceased wallet operations, many traders took to posting their complaints on X. In fact, some even speculated on the existence of Steve Guo as the project’s CEO. One trader questioned whether Guo was really the person running the protocol.
“I have never heard a word out of Steve Guo. Who even know if the guy exists. Who the hell runs Loopring is the question?” said the trader.
“Rats fleeing the ship, Steve Guo the fake CEO who did nothing but rot the protocol to the ground while Wang drained Loopring. The gaslighting has been unbelievable,” said another trader back in June 2025.
At press time, the community appears to have not caught wind on Guo’s resignation as most posts date back to when the protocol had just announced the end of its smart wallet feature. However, the online sentiment surrounding Guo seems to be that of a “fake CEO” and a “JPEG” image of him.
Not only that, the official account for Loopring has yet to announce Guo’s official resignation on its page.
LRC price surges 9% after CEO steps down
Following Guo’s departure from the protocol, instead of a price dip LRC seems to have risen in value by 9.1%. At press time, it is trading at around $0.09945. This is a sharp contrast compared to when other leadership figures in the crypto community, like the departure of Story Protocol (IP) co-founder Jason Zhao in mid-August, led to their project’s token slipping.
However, the sudden rise gave way to an eventual correction in the cycle by the beginning of September. The token experienced a sharp spike in price toward $0.115 before quickly retracing to the $0.099–$0.100 range. This surge suggests that traders initially reacted to the news with speculative buying, possibly fueled by uncertainty and expectations of new leadership potentially reshaping the project’s direction.
The retracement highlights profit-taking and market caution as investors reassess fundamentals after Steve Guo’s announcement.
Price chart for Loopring’s token along with 30-day Moving Average and RSI | Source: TradingView
LRC’s Relative Strength Index and Moving Average reflected volatility in the charts. The RSI spiked into near-overbought conditions during the rally but has since cooled to around 47, showing that bullish momentum has fizzled out and the asset has moved into neutral territory.
Meanwhile, the price has just slipped below the 30-period moving average of around $0.1005, which indicates the possibility of a potential short-term bearish crossover if the level fails to hold as support.