Wyre, a crypto payments firm, announced on Jan 4 that it is closing operations. The decision follows the failed $1.5 billion Bolt acquisition and the departure of co-founder Michael Dunworth.
In an update posted to the company’s website on Friday, Wyre said, “We have not been immune to the challenges of the current macroeconomic climate and the recent events that have shaken the crypto industry.”
Management changes were grouped in with the announcement; Ioannis Giannaros will become executive chairman, while Stephen Cheng will act as interim CEO. The company also began limiting withdrawals to no more than 90% of the funds in each customer account, subject to daily limits.
“We are modifying 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 account, subject to current daily limits… This will best position us to serve and maximize value for our customers and stakeholders.”
The Wyre withdrawal issue has affected other parts of the crypto industry, as Topps, a collectibles and candy company, has suspended transactions in its marketplace as a precautionary measure.
“You may have seen reports that Wyre, a wallet service provider for our secondary marketplace, may be shutting down or scaling back operations… We have been assessing the situation and, as of today, Wyre released an official statement.”
Topps concluded, “In light of this and as a precautionary measure, we are temporarily suspending transactions in the shop and marketplace effective immediately. Rest assured that your collection continues to be safe and secure.”
