Blocto Wallet Closure: Urgent Action Required for Flow Community Members

Attention Flow community members: Blocto has announced the upcoming closure of its wallet services, scheduled for December 18th at 7:00 PM PST. Users are urged to move their $FLOW and other assets out of their Blocto wallets before this deadline to ensure the safety of their funds. The announcement was made here.

To facilitate this transition, Blocto has outlined three primary methods for securing funds: migrating to a Flow Wallet using the Blocto Recovery Kit, transferring to a Centralized Exchange (CEX), or manually transferring to a self-custody Flow wallet.

How to Migrate Using the Blocto Recovery Kit

For users wishing to retain their current Flow address, the Blocto Recovery Kit offers a seamless transition. To begin, enable Non-Custodial Mode in the Blocto app’s settings. You will then be prompted to create a “Recovery Password,” which must be stored safely as it is required for the import process.

After confirming your password and verifying the One-Time Passcode (OTP), you will receive an email containing your Recovery Kit PDF. Save this file. Ensure you have the Flow Wallet Extension installed on your Chrome browser. Open the Flow Wallet extension, select “Import Wallet,” and upload your Recovery Kit PDF. Alternatively, copy the JSON object text from the PDF and paste it into the input field. Finalize the import by entering the Recovery Password and your Flow address.

Transferring to a Centralized Exchange (CEX)

Users with accounts on centralized exchanges that support $FLOW can transfer their funds there. Begin by logging into your chosen exchange, such as Binance, Coinbase, Kraken, or OKX, and navigate to the “Deposit” section to obtain your deposit address for $FLOW.

In the Blocto app, select the $FLOW token, tap “Send,” and enter the recipient address and amount. It is recommended to send a small test amount first to ensure the process is correct. European users should note that Coinbase no longer supports $FLOW in Europe, and should consider using a different exchange or method.

Manual Transfer to a Flow Wallet

For those preferring self-custody, funds can be manually transferred to a new or existing Flow wallet. Copy your receiving address from the destination Flow wallet, open the Blocto app, and select the $FLOW token. Tap “Send” or “Transfer,” paste the address, and enter the amount to migrate. Verify the destination address before confirming the transaction.

Users are strongly encouraged to complete their transfers or migrations well before the December 18th deadline to avoid potential network congestion or issues.

Why This Matters: Impact, Industry Trends & Expert Insights

Blocto has announced the closure of its wallet services, urging users to migrate their assets before the December 18th deadline to avoid potential loss. This development affects a significant number of users who now need to secure their digital assets through alternative methods.

Recent industry reports indicate a growing trend in non-custodial wallet usage, with the market projected to reach USD 3.5 billion by 2031. This aligns with the current situation as users are encouraged to shift to non-custodial solutions to maintain control over their assets amidst the Blocto shutdown.

A DropsTab report highlights the impact of Blocto’s closure due to financial losses, emphasizing the importance of timely asset migration. This supports the urgency for users to act before the shutdown to ensure the security of their funds.

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