When asked about stories that crypto payments firm Wyre was closing down, CEO Ioannis Giannaros offered a different explanation, saying that the company was merely “retreating.” The recent slowdown in the cryptocurrency market, as well as the “wide economic situation,” have prompted Wyre to announce that it is “revising” its withdrawal policy. On Friday, Wyre said that it was “exploring strategic options.”
Crypto Industry Turmoil: Wyre is revising withdrawal policy, Topps suspends NFT marketplace trading
It was reported on January 4 that cryptocurrency payment service Wyre had shut down. The $1.5 billion plan to acquire Bolt fell through, and co-founder Michael Dunworth later left the company, so this report comes as no surprise. On January 6, Wyre updated the community with a message that cleared some of the speculation about the company.
On Friday, Wyre added, “We are not immune to the challenges of the current macroeconomic environment and the recent events that have shaken the crypto industry.” The management structure of the organization has also shifted. Both Stephen Cheng and Ioannis Giannaros have assumed new roles: interim CEO and executive chairman, respectively. Wyre also saw a shift in withdrawals in its most recent report. Users are now restricted to withdrawing a specific amount.
“We are revising our withdrawal policy. While customers will continue to be able to withdraw their funds, at this time, we are limiting withdrawals to no more than 90% of the funds currently in each customer’s account, in line with the current daily limits “This will best position us to deliver service and maximize value to our customers and stakeholders, noting that,” Wyre’s updated his statement.
The issue with wire withdrawals has affected the cryptocurrency sector. Topps, which manufactures and sells trading cards, candies, and other collectibles, emailed its consumers about the issue and its impact on the market for non-fungible tokens (NFTs). “You may have seen reports that Wyre, a wallet service provider for our secondary marketplace, is closing or reducing operations,” said Topps in an email. “We are assessing the situation and as of today, Wyre issued an official statement.”
Tops added, “In light of this and as a precautionary measure, we are temporarily suspending transactions in the shop and marketplace with immediate effect. Rest assured that your collection will remain safe and secure.”
The second half of 2022 saw a virus run through the crypto ecosystem, affecting nearly every aspect of it due to a series of catastrophic failures and blowouts. This past year saw the collapse of several well-respected crypto firms. Evidently, not even the year 2023 will be spared from this discouraging report.
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