Wyre Announces Modification of Withdrawal Policy, Pushing Topps to Temporarily Suspend NFT Marketplace Transactions

Following reports that the crypto payments steadfast Wyre was shutting down operations, CEO Ioannis Giannaros offered a contradicting story, stating that the steadfast was simply “scaling back.” Wyre has present announced that it is “modifying” its withdrawal policy, citing the crypto manufacture downturn and the “macroeconomic climate” arsenic factors that person affected the company. On Friday, Wyre stated that it is present “exploring strategical options.”

Crypto Industry Turmoil: Wyre Modifies Withdrawal Policy, Topps Suspends NFT Marketplace Transactions

Three days agone connected Jan. 4, Bitcoin.com News reported that crypto payments steadfast Wyre was closing its operations. The quality followed the failure of the $1.5 cardinal Bolt acquisition woody and the departure of co-founder Michael Dunworth, stepping down from his relation astatine the company. On Jan. 6, Wyre published an update for the assemblage addressing speculation astir the company.

“We person not been immune to the challenges of the existent macroeconomic clime and the caller events that person shaken the crypto industry,” Wyre explained connected Friday. Additionally, the institution has changed its absorption structure, with Ioannis Giannaros becoming enforcement president and Stephen Cheng serving arsenic interim CEO. In its update, Wyre besides announced changes to withdrawals, stating that users are present constricted successful the magnitude they tin withdraw.

“We are modifying our withdrawal policy. While customers volition proceed to beryllium capable to retreat their funds, astatine this time, we are limiting withdrawals to nary much than 90% of the funds presently successful each lawsuit account, taxable to existent regular limits,” Wyre’s update details, noting that “This volition champion presumption america to service and maximize worth for our customers and stakeholders.”

The Wyre withdrawal contented has affected different parts of the crypto industry, arsenic collectibles and candy institution Topps emailed customers astir the incidental and its interaction connected its non-fungible token (NFT) marketplace. “You whitethorn person seen reports that Wyre, a wallet work supplier for our secondary marketplace, whitethorn beryllium shutting down oregon scaling backmost operations,” the Topps email details. “We person been assessing the concern and, arsenic of today, Wyre released an authoritative statement.” Topps added:

In airy of this and arsenic a precautionary measure, we are temporarily suspending transactions successful the store and marketplace effectual immediately. Rest assured that your postulation continues to beryllium harmless and secure.

During the 2nd fractional of 2022, crypto blowouts and failures created a contagion that dispersed to astir each country of the ecosystem. Last year, respective crypto firms that were thought to beryllium reliable became insolvent. It seems 2023 won’t beryllium capable to flight the atrocious quality either.

What bash you deliberation astir Wyre modifying its withdrawal limits? Let america cognize your thoughts astir this taxable successful the comments conception below.

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