Fun

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

News Feed - 2023-01-08 06:01:21

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


Following reports that the crypto payments firm Wyre was shutting down operations, CEO Ioannis Giannaros offered a contradicting story, stating that the firm was merely “scaling back.” 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 stated that it is now “exploring strategic options.” Crypto Industry Turmoil: Wyre Modifies Withdrawal Policy, Topps Suspends NFT Marketplace Transactions


Three days ago on Jan. 4, Bitcoin.com News reported that crypto payments firm Wyre was closing its operations. The news followed the failure of the $1.5 billion Bolt acquisition dealand the departure of co-founder Michael Dunworth, stepping down from his role at the company. On Jan. 6, Wyre published an update for the community addressing speculation about the company.


“We have not been immune to the challenges of the current macroeconomic climate and the recent events that have shaken the crypto industry,” Wyre explained on Friday. Additionally, the company has changed its management 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 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,” Wyre’s update details, noting that “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 collectibles and candy company Topps emailed customers about the incident and its impact on its non-fungible token (NFT) marketplace. “You may have seen reports that Wyre, a wallet service provider for our secondary marketplace, may be shutting down or scaling back operations,” the Topps email details. “We have been assessing the situation and, as of today, Wyre 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 effective immediately. Rest assured that your collection continues to be safe and secure.


During the second half of 2022, crypto blowouts and failures created a contagion that spread to nearly every corner of the ecosystem. Last year, several crypto firms that were thought to be reliable became insolvent. It seems 2023 won’t be able to escape the bad news either. Tags in this story Acquisition, Bolt, ceo, co-founder, collectibles, contagion, Cryptocurrency, Customer Accounts, daily limits, departure, Email, failure, industry downturn, insolvent, interim, Ioannis Giannaros, macroeconomic climate, management structure, Marketplace, Michael Dunworth, nft, Non-fungible Token, scaling back, shutdown, stakeholders, Stephen Cheng, strategic options, suspension, Topps, withdrawal, withdrawal policy, Wyre


What do you think about Wyre modifying its withdrawal limits? Let us know your thoughts about this subject in the comments section below. Jamie Redman


Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Report: Federal Prosecutors in New York Probe Digital Currency Group and Subsidiary Genesis NEWS | 5 hours ago Chinese Researchers Claim Success in Breaking RSA Encryption With Quantum Computer, Experts Debate Veracity of Discovery NEWS | 23 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleSberbank Analyst’s Editorial Delves Into the ‘Tremendous Potential’ of a BRICS Reserve Currency Fueling De-Dollarization Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year


The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin

News Feed

Vitalik Buterin wants rollups to hit stage 1 decentralization by year-end
Martin Young4 hours agoVitalik Buterin wants rollups to hit stage 1 decentralization by year-endEthereum network standards should increase when considering layer-2 scaling solutions, suggested Ethereum co-founder Vitalik
Report: East African Single Currency Unlikely to Be Introduced by 2024
Report: East African Single Currency Unlikely to Be Introduced by 2024 There are growing doubts about the regional economic bloc known as the East African Community’s abilit
Mastercard Study: African Fintech Sector Had One of the Highest Year-on-Year Growth Rates in Funding in 2021
Mastercard Study: African Fintech Sector Had One of the Highest Year-on-Year Growth Rates in Funding in 2021 In 2021, African fintech startups accounted for 61% of the $2.7 billion
Public Consultations Reveal Positive Interest in Bank of Israel’s Digital Shekel
Public Consultations Reveal Positive Interest in Bank of Israel’s Digital Shekel A survey carried out by the central bank of Israel has returned mostly positive responses from st
A Russian Operation Is Mining Bitcoin in the Arctic Circle for Cheap Electricity
A Russian Operation Is Mining Bitcoin in the Arctic Circle for Cheap Electricity A Russian company is leveraging the Siberian city of Norilsk located above the A
Crypto Exchanges See Bitcoin Reserves Drop by 70% Since Black Thursday’s Market Rout
Crypto Exchanges See Bitcoin Reserves Drop by 70% Since Black Thursday"s Market RoutSince the market carnage on March 12 otherwise known as Black Thursday, the exchange Bitmex has s
Slovenia Launches Public Consultations on Crypto Taxation Law
Slovenia Launches Public Consultations on Crypto Taxation Law Authorities in Slovenia have prepared new legislation tailored to determine how crypto holdings and transactions are t
Turner Wright2 hours agoUS senators reintroduce crypto bill aimed at comprehensive regulationThe Responsible Financial Innovation Act will establish guardrails “to prevent another FTX-style event from occurring” in t
Ava Labs Partners With Amazon Web Services to Accelerate Blockchain Adoption, AVAX Jumps 16%
Ava Labs Partners With Amazon Web Services to Accelerate Blockchain Adoption, AVAX Jumps 16% Ava Labs, the team behind the layer one (L1) smart contract platform network Avalanche,
Equity Fund Founder Reveals Why XRP ETF Is Anticipated, ‘There’s Value There’
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Gold Prices Expected to Soar in 2023: Experts Predict Record Highs for Precious Metal
Gold Prices Expected to Soar in 2023: Experts Predict Record Highs for Precious Metal Gold is on the rise in 2023 and in the first week of the new year alone, the precious metal ha
Turner Wright3 hours agoBittrex Global announces all trading will be disabled as it winds down operationsThe announcement came roughly nine months after U.S.-based crypto exchange Bittrex said it would shutter operations