Wyre introduces withdrawal limits for its customers

US-based crypto payments company Wyre has introduced a series of withdrawal limits for its customers in the context of insolvency concerns

US-based crypto payments company Wyre has introduced a series of withdrawal limits for its customers in the context of insolvency concerns. The company announced that it has modified its withdrawal policy, which means that users can no longer withdraw more than 90% of the funds in their accounts.

Apart from not being able to completely empty their accounts, Wyre customers face further withdrawal limits of 5 BTC and 50 ETH per day, as well as limits on fiat withdrawals. According to cryptopotato. com, these new rules come in the context of concerns over a potential liquidity crunch that would cause customers to withdraw their money in a hurry.

Wyre officials cited by the same source stated that they have the interest of their community at heart and that they are exploring strategic options in order to keep the company going. On January 5, 2023, Wyre parted ways with crypto wallet provider MetaMask. MetaMask posted an update on its Twitter page in which it urged users to refrain from using Wyre.

On the same day, Axios reported that Wyre would actually shut down completely following a failed acquisition deal with Bolt. Reports of Wyre shutting down In January 2023, US-based crypto payments platform Wyre has announced it is terminating its services in January 2023 after a failed acquisition with Bolt in September 2022. Bolt Financial walked away from a USD 1.

5 billion deal to buy the firm, and company officials informed team members during the holiday season that Wyre would liquidate and terminate its offerings in January 2023. According to company representatives, crypto market volatility and general market conditions in tech had been some of the main reasons for the deal falling through. Wyre was founded in 2013 and managed to raise a total of USD 29.

1 million across nine funding rounds. Some of its investors include Pantera Capital, Stellar Development Foundation, and Amphora Capital. Core Scientific shuts down 37,000 bitcoin mining rigs In January 2023, Core Scientific has decided to shut down 37,000 bitcoin mining rigs belonging to bankrupt crypto lender Celsius.

Celsius owes Core Scientific around USD 7. 8 million for energy and hosting costs, as the crypto lender has been unable to make regular payments in accordance with the hosting contract. Lawyers representing bankrupt bitcoin mining operation Core Scientific have told the court that crypto lender Celsius has not made payments on its mining machine hosting costs since July 2022.

Core Scientific was one of the largest bitcoin miners in the industry. Records from 7 November 2022, showed that 41% of the company’s servers are for customers paying for hosting services. The company filed for Chapter 11 bankruptcy protection on 21 December 2022, but it noted that the firm’s machines will continue to operate in order to pay its debt.


Jan 10, 2023 08:31
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