Following reports that crypto payments company Wyre was ceasing operations, CEO Ioannis Giannaros offered a contradictory story, stating that the company had merely “scaled back.” Wyre has now announced that it is “changing” its payout policy, citing the crypto industry downturn and the “macroeconomic climate” as factors that have influenced the company. On Friday, Wyre said it was now “exploring strategic options.” Crypto Industry Turmoil: Wyre Changes Payout Policy, Topps Suspends NFT Marketplace Transactions Three days ago, on January 4, Bitcoin.com News reported that crypto payments company Wyre was ceasing operations. The news followed failures of Bolt's $1.5 billion acquisition...
Following reports that crypto payments company Wyre was ceasing operations, CEO Ioannis Giannaros offered a contradictory story, stating that the company had merely “scaled back.” Wyre has now announced that it is “changing” its payout policy, citing the crypto industry downturn and the “macroeconomic climate” as factors that have influenced the company. On Friday, Wyre said it was now “exploring strategic options.”
Three days ago, on January 4th, Bitcoin.com News reported that crypto payments company Wyre ceased operations. The news followed Mistake des Bolt acquisition valued at $1.5 billion and the departure of co-founder Michael Dunworth, who is stepping down from his role at the company. On January 6, Wyre released an update to the community addressing speculation about the company.
“We have not been immune to the challenges of the current macroeconomic climate and the recent events that have rocked the crypto industry,” Wyre said explained on Friday. Additionally, the company changed its leadership structure, with Ioannis Giannaros becoming executive chairman and Stephen Cheng becoming interim CEO. In his update, Wyre also announced changes to payouts, explaining that users are now limited in the amount of payouts they can make.
"We are changing our withdrawal policy. While customers will still 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 account, subject to current daily limits," Wyre's update details, noting that "This will best position us to serve our customers and stakeholders and maximize value."
The Wyre withdrawal issue has affected other parts of the crypto industry, as collectibles and confectionery company Topps emailed customers informing them of the incident and its impact on its non-fungible token (NFT) marketplace. “You may have seen reports that Wyre, a provider of wallet services to our secondary marketplace, may be shutting down or scaling back operations,” Topps email details. “We have assessed the situation and Wyre have released an official statement today.” Topps added:
Against this background, as a precautionary measure, we are temporarily suspending transactions in the shop and on the marketplace with immediate effect. Rest assured that your collection continues to be safe and secure.
In the second half of 2022, crypto blowouts and failures resulted in a contagion that spread to almost every corner of the ecosystem. Last year, several crypto companies that were considered reliable became insolvent. 2023 doesn't seem to be able to escape the bad news either.
What do you think about Wyre changing its withdrawal limits? Let us know your thoughts on this topic in the comments section below.
Photo credit: Shutterstock, Pixabay, WikiCommons
Suche
Mein Konto