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Friday, January 27, 2023

Wyre Limits Withdrawals At 90%

Wyre, a cryptocurrency payments platform, reduced its withdrawal caps by 10% on January 7 in response to bankruptcy rumors. Wyre revealed that its clients can now only withdraw up to 90% of the money in their accounts in a post on Twitter.

The daily withdrawal cap, which now only allows for the withdrawal of 5 Bitcoin (BTC) and 50 Ethereum (ETH) each day, will remain to apply to users. Additionally, there is a daily withdrawal cap of $150,000 and EUR 140,000 for each currency.

Wyre Will Reduce The Withdrawal Limit By 10%

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The California-based company claims to have business licenses in more than 30 US states, as well as Canada, Australia, the European Union, and the United Kingdom.

The company claimed that to help it navigate the current market, it is “exploring strategic options.” it stated that Yanni Giannaros had resigned as CEO and will now serve as executive chairman of the company.

Wyre noted that interim CEO Stephen Cheng has been appointed from his position as chief risk and compliance officer. After Axios released a piece on January 4, rumors about increasing operations started to circulate.

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Bolt was supposed to buy it for $1.5 billion, but the deal fell through in September 2022. Wyre co-founder Michael Dunworth, who ran the company as CEO until 2020, left soon after the acquisition proposal was shelved. On January 5, MetaMask decided to remove Wyre from its mobile aggregator and advised consumers not to utilize it at this time.

Wyre acknowledged to consumers on January 6 that it has “not been immune” to the challenges facing the current crypto market. High-profile bankruptcy announcements have rocked the cryptocurrency sector throughout 2022; the most recent being FTX.

Non-fungible token (NFT) collectibles company Topps briefly paused its store and marketplace as a precaution in reaction to the withdrawal limit reduction. It acted as the Topps NFT marketplace’s wallet.

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