{"id":16221,"date":"2023-01-07T21:47:16","date_gmt":"2023-01-07T21:47:16","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/wyre-announces-modification-of-withdrawal-policy-pushing-topps-to-temporarily-suspend-nft-marketplace-transactions-bitcoin-news\/"},"modified":"2023-01-07T21:47:16","modified_gmt":"2023-01-07T21:47:16","slug":"wyre-announces-modification-of-withdrawal-policy-pushing-topps-to-temporarily-suspend-nft-marketplace-transactions-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/wyre-announces-modification-of-withdrawal-policy-pushing-topps-to-temporarily-suspend-nft-marketplace-transactions-bitcoin-news\/","title":{"rendered":"Wyre Announces Modification of Withdrawal Policy, Pushing Topps to Temporarily Suspend NFT Marketplace Transactions \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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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 \u201cscaling back.\u201d Wyre has now announced that it is \u201cmodifying\u201d its withdrawal policy, citing the crypto industry downturn and the \u201cmacroeconomic climate\u201d as factors that have affected the company. On Friday, Wyre stated that it is now \u201cexploring strategic options.\u201d<\/strong><\/p>\n

Crypto Industry Turmoil: Wyre Modifies Withdrawal Policy, Topps Suspends NFT Marketplace Transactions<\/h2>\n

Three days ago on Jan. 4, Bitcoin.com News reported<\/a> that crypto payments firm Wyre was closing its operations. The news followed the failure<\/a> of the $1.5 billion Bolt acquisition deal <\/a>and 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.<\/p>\n

\u201cWe have not been immune to the challenges of the current macroeconomic climate and the recent events that have shaken the crypto industry,\u201d Wyre explained<\/a> 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.<\/p>\n

\u201cWe 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,\u201d Wyre\u2019s update details, noting that \u201cThis will best position us to serve and maximize value for our customers and stakeholders.\u201d<\/p>\n

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. \u201cYou may have seen reports that Wyre, a wallet service provider for our secondary marketplace, may be shutting down or scaling back operations,\u201d the Topps email details. \u201cWe have been assessing the situation and, as of today, Wyre released an official statement.\u201d Topps added:<\/p>\n

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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.<\/p>\n<\/blockquote>\n

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\u2019t be able to escape the bad news either.<\/p>\n

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Acquisition<\/a>, Bolt<\/a>, ceo<\/a>, co-founder<\/a>, collectibles<\/a>, contagion<\/a>, Cryptocurrency<\/a>, Customer Accounts<\/a>, daily limits<\/a>, departure<\/a>, Email<\/a>, failure<\/a>, industry downturn<\/a>, insolvent<\/a>, interim<\/a>, Ioannis Giannaros<\/a>, macroeconomic climate<\/a>, management structure<\/a>, Marketplace<\/a>, Michael Dunworth<\/a>, nft<\/a>, Non-fungible Token<\/a>, scaling back<\/a>, shutdown<\/a>, stakeholders<\/a>, Stephen Cheng<\/a>, strategic options<\/a>, suspension<\/a>, Topps<\/a>, withdrawal<\/a>, withdrawal policy<\/a>, Wyre<\/a><\/div>\n<\/div>\n

What do you think about Wyre modifying its withdrawal limits? Let us know your thoughts about this subject in the comments section below. <\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie 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.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: 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<\/a> 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.<\/p>\n<\/div>\n

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