Wyre, a blockchain-based crypto payment platform, has barred its users from withdrawing 100% of their funds, adding the company is seeking "strategic options" to navigate the "current market environment."
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According to a tweet thread, Wyre's users can now withdraw only up to 90% of their balance. The company says the move reflects its efforts to act in "the best interest of our community."
Wyre also promoted its COO, Stephen Cheng, to interim CEO. The company added:
"Our operations continue and we will share information with the community as it is available."
The move comes shortly after Axios reported in early January that Wyre was planning to shut down its services and lay off staff. While the reason behind the move remains unclear, Wyre was meant to be sold to Bolt Financial for $1.5 billion, but that deal collapsed in September 2022 due to unknown reasons.
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