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 5 January 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.
In January 2023, US-based crypto payments platform Wyre announced that it was terminating its services after a failed acquisition from 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.
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.
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.
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