Amid insolvency speculations, cryptocurrency funds platform Wyre slashed its withdrawal limits by 10% on Jan. 7. In a Twitter thread, Wyre introduced that its clients can now solely withdraw as much as 90% of the funds of their accounts.

Customers will nonetheless be topic to every day withdrawal limits, in response to which solely 5 Bitcoin (BTC) and 50 Ethereum (ETH) may be withdrawn every day. As well as, the every day withdrawal restrict for US {Dollars} and Euros is ready at $150,000 and €140,000, respectively.

California-based Wyre claims to be licensed as a cash transmitter enterprise throughout greater than 30 states within the US in addition to Canada, Australia, European Union, and the UK.

The agency mentioned it’s “exploring strategic choices” to assist it navigate the present market. Yanni Giannaros has stepped down as CEO and shall be guiding the agency as government chairman, Wyre introduced.

Chief threat and compliance officer Stephen Cheng has stepped up because the interim CEO, Wyre added.

Speculations round Wyre shutting down emerged after Axios printed a report on Jan. 4. In accordance with the report, Giannaros informed staff to “brace themselves” because the agency would possibly “must unwind the enterprise over the following couple of weeks.”

Wyre was set to be acquired by Bolt at a $1.5 billion valuation, however the deal fell aside in September 2022. Quickly after the acquisition deal was canceled, Wyre co-founder Michael Dunworth, who served as CEO till 2020, stepped away from the agency.

Giannaros informed Axios that the agency was nonetheless working however seeking to reduce because it evaluates choices. Nevertheless, the funds agency’s newest Twitter thread reassured customers that its “operations proceed.”

On Jan. 5, MetaMask introduced that it eliminated Wyre from its cellular aggregator, urging customers to not use Wyre whereas it eliminated the extension.

On Jan. 6, Wyre admitted to customers that it had “not been immune” to the headwinds of the present crypto trade. The crypto market has been shaken by high-profile bankruptcies all through 2022, with the newest being FTX.

In response to the withdrawal restrict minimize, non-fungible token (NFT) collectibles agency Topps briefly suspended its store and market as a precautionary measure. Wyre served because the pockets for Topps NFT market.

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