Following reports that crypto payment firm Wire is shutting down, CEO Ioannis Giannaros contradicts his claim that the company is simply “downscaling.” provided. Wire has now announced that it is “revising” its exit policy, citing the downturn in the crypto industry and “macroeconomic conditions” as factors affecting the company. On Friday, Wyre said it is currently “exploring strategic options.”
Crypto Industry Turmoil: Wyre Changes Withdrawal Policy, Topps Suspends NFT Marketplace Transactions
Bitcoin.com News 3 days ago on January 4th report Wire, the cryptocurrency payment company, had closed its business.the news followed Failure of $1.5 billion Volt acquisition deal And then co-founder Michael Dunworth retired and resigned from his role in the company. On January 6th, Wire released an update for the community addressing speculation about the company.
“We are no stranger to the challenges of the current macroeconomic climate and recent events that have rocked the cryptocurrency industry,” Weir said. explained on friday. Additionally, the company changed its management structure, with Ioannis Giannaros as Executive Chairman and Stephen Cheng as Interim CEO. In that update, Wire also announced changes to withdrawals, stating that the amount that users can withdraw is limited.
“We are changing our withdrawal policy. Customers will still be able to withdraw funds, but at this time we will not allow more than 90% of the funds currently in each customer account, subject to current daily limits. We limit withdrawals to , which puts us in the best position to serve our customers and stakeholders and maximize value.”
The wire withdrawal issue has also affected other parts of the cryptocurrency industry. Collectibles and candy company Topps emailed customers about the incident and its impact on the non-fungible token (NFT) market. “We may have seen reports that Wyre, his provider of secondary market wallet services, may be closing or scaling back,” he said of Topps. Email details. “We are assessing the situation and as of today, Wire has issued an official statement.” Tops added:
With this in mind, and as a precautionary measure, we are temporarily suspending transactions in our shop and marketplace. Rest assured that your collection remains safe and secure.
In late 2022, the cryptocurrency crash and failure sparked an epidemic that spread to almost every corner of the ecosystem. Last year, several cryptocurrency companies that were considered trustworthy went bankrupt. It seems that 2023 will not be safe from bad news.
What do you think about wires changing withdrawal limits? Let us know what you think about this in the comments section below.
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