Wyre, a cryptocurrency payment platform, changed its withdrawal policy in order to restrict users from cashing-out up to 90% of assets after two former employees suggested a shutdown.
On Jan. 7, 2023, Wyre imposed a withdrawal limit on its platform, citing “the best interest of our community.” Following the policy modification, Wyre users can withdraw up to 90% of their crypto funds as the company explores strategic options to circumvent the prolonged bear market.
We are changing our withdrawal policy. We are changing our withdrawal policy. Customers can still withdraw their funds. However we will limit withdrawals to no more that 90% of each customer account’s funds.
— Wyre (@sendwyre) January 7, 2023
In addition, the company appointed Yanni Giannaros, Wyre’s chief risk officer and compliance officer, as the interim CEO. Because Wyre is a new platform, withdrawal limits will change daily.
Related: As users forget FTX, Bitcoin exchange withdrawals fall to a 7-month low
According to reports, Wyre’s collapse led to its dissolution of the partnership with MetaMask, a crypto wallet.
MetaMask has announced that Wyre will be removed from its mobile platform. Wyre used to enable users to purchase cryptocurrencies directly through the digital wallet.
“We’re currently working on extension removal and appreciate your patience,” MetaMask said, asking users not to use Wyre on the mobile aggregator.