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StarkWare, a company that provides scalability and privacy solutions for blockchains, announced that all users who did not upgrade their wallets to the latest contracts by August 21, 2023, permanently lost their funds.
StarkWare is known as the developer of StarkNet.
According to the statement made by Argent, one of the wallet providers using StarkWare's technology, users who do not update their wallets in a timely manner have been informed many times over the past year that they must do so.
The statement also stated that old contracts were deprecated and could no longer be used and the assets in these wallets were burned.
This incident sparked backlash and frustration among some affected users, who claimed they were unaware of the deadline or the consequences of not upgrading their cryptocurrency wallet. It is stated that many users did not see the announcement in question. However, the Argent official said that because StarkNet is a new and developing network, it can make radical changes and these changes are necessary for the launch of the network.
StarkWare has yet to respond to criticism or offer any compensation to users who have lost their funds.
*This is not investment advice.