Crypto payment platform Wyre changed its withdrawal policy to limit users from paying up to 90% of their assets just days after two former employees were allegedly killed.
On January 7, 2023, Wyre imposed withdrawal restrictions on the platform, citing “the best interests 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 avoid the prolonged bear market.
We are revising our withdrawal policy. While customers will continue to be able to withdraw funds, at this time, we limit withdrawals to no more than 90% of the funds currently in each customer’s account, subject to daily limits.
— Wyre (@sendwyre) January 7, 2023
In addition, the company appointed Yanni Giannaros, Wyre’s chief risk and compliance officer, as interim CEO. Wyre users will be subject to changes in daily withdrawal limits as the platform requires new operational strategies.
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Reports suggesting Wyre’s collapse led to its partnership with crypto wallet MetaMask.
On January 5, MetaMask announced the removal of Wyre from the mobile aggregator, which was used to allow users to buy cryptocurrencies directly from their digital wallet.
“We are currently working on the extension and appreciate your patience,” MetaMask said, asking users not to use Wyre on mobile aggregators.