Wyre Announces Withdrawal Policy Change, Prompting Topps to Temporarily Suspend NFT Market Transactions – Bitcoin News

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Following reports that crypto payment company Wyre was shutting down, CEO Ioannis Giannaros offered a contradictory story, saying the company was just “shrinking”. Wyre has now announced that it is “modifying” its withdrawal policy, citing the crypto industry downturn and the “macroeconomic climate” as factors that have affected the company. On Friday, Wyre said he was “now exploring strategic options”.

Crypto Industry Turmoil: Wyre Changes Withdrawal Policy, Topps Halts NFT Market Trading

Three days ago, on January 4, Bitcoin.com News announced that crypto payment company Wyre was shutting down its operations. The news follows the failure of the $1.5 billion Bolt acquisition deal and the departure of co-founder Michael Dunworth, leaving his role with the company. On January 6, Wyre posted an update for the community regarding speculation about the company.

“We have not been immune to the challenges of the current macroeconomic climate and recent events that have rocked the crypto industry,” Wyre explained on Friday. Additionally, the company changed its leadership structure, with Ioannis Giannaros becoming Executive Chairman and Stephen Cheng serving as interim CEO. In its update, Wyre also announced changes to withdrawals, stating that users are now limited in the amount they can withdraw.

We are changing our withdrawal policy. While clients can continue to withdraw their funds, at this time we are limiting withdrawals to a maximum of 90% of funds currently in each client account, subject to current daily limits, Wyres is updating the details, noting that we are positioning to serve and maximize value for our customers and stakeholders.

The Wyre withdrawal issue has affected other parts of the crypto industry, as collectibles and candy company Topps notified customers via email about the incident and its impact on its non-fungible token (NFT) market. You may have seen reports that Wyre, a wallet service provider for our secondary market, may be closing or reducing trades, Topps email details. We have assessed the situation and as of today Wyre has released an official statement. Topps added:

In light of this and as a precautionary measure, we are temporarily suspending transactions in the Shop and Marketplace with immediate effect. Rest assured that your collection continues to be safe and secure.

During the second half of 2022, crypto breakouts and defaults created a contagion that spread to almost every corner of the ecosystem. Last year, several crypto companies that were believed to be reliable went insolvent. It looks like 2023 won’t be able to escape bad news either.

Tags in this story Acquisition, Bolt, CEO, co-founder, collectibles, contagion, Cryptocurrency, Accounts Receivable, daily limits, departure, Email, failure, industry downturn, insolvent, interim, Ioannis Giannaros, macroeconomic climate, management structure, Marketplace, Michael Dunworth, nft, non-fungible token, reduction, shutdown, stakeholders, Stephen Cheng, strategic options, suspension, Topps, withdrawal, withdrawal policy, Wyre

What do you think of Wyre changing its withdrawal limits? Let us know your thoughts on this in the comments section below.

Jamie Redman

Jamie Redman is the news manager for Bitcoin.com News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News about disruptive protocols emerging today.

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