Crypto payment platform Wyre redrafted its withdrawal policy by restricting users from cashing out up to 90% of their assets. It happened days after two former employees allegedly made indications towards a probable shutdown, as reported by Cointelegraph.
According to Cointelegraph, on January 7, 2023, Wyre mentioned a withdrawal limit on its platform, citing “the best interest of our community.” Reportedly, after the policy modification, the company started to explore strategic options to circumvent bear market implications.
On the basis of information by Cointelegraph, the company assigned the role of interim CEO to Yanni Giannaros, chief risk officer and compliance officer, Wyre. It is believed that Wyre users will be subjected to alterations in daily withdrawal limits on account of the platform looking for new operational strategies.
Moreover, Cointelegraph noted that reports showed effects of Wire’s issues resulting in the breakdown of its partnership with crypto wallet MetaMask. On January 5, 2023, MetaMask announced Wyre’s removal from its mobile aggregator, which permits users to purchase cryptocurrencies directly from the digital wallet. “We’re currently working on extension removal and appreciate your patience,” MetaMask stated.
(With insights from Cointelegraph)