Citing bear market concerns, recently, San Francisco-based crypto payments platform Wyre stopped operating after over 10 years in business due to the financial obstacles of the bear market.
In their blog post a couple of months ago, the company stated that it had become difficult for us to run the organization. Hence they had to close it to protect the best interests of our stakeholders and users. This company will always protect the customers’ assets in every way possible, they also mentioned that you can withdraw the crypto assets if users have them on their Wyre platform. They stipulated some guidelines and a deadline to withdraw the assets. However, they also mentioned in their blog post that if anyone faces any kind of problem while doing the transaction, they will have another process to recover the assets.
Wyre’s team also stated that the company’s assets are now available for sale. Anyone interested in acquiring them can easily contact 88 Partners.
Wyre had some other plans with Bolt company. It had been reported that Bolt would buy Wyre for $1.5 billion in September 2022. But somehow this deal had been scrapped, and since then Wyre’s troubles have started. To your knowledge, Bolt is a one-click checkout company.
MetaMask also threw troubles for Wyre when they discontinued their support to Wyre due to some compatibility issues. After that, Wyre imposed penalties on its users that they could only withdraw 10% of their assets. Sooner or later they had to remove this penalty on January 2023.
Somehow they got funding from an undisclosed strategic partner, they said that Wyre is on a pivot. There have been reports of laying off employees by the Wyre top subordinates.
It seems like there will be more companies shut down if the problem persists.
In the month of May, crypto firm Unbanked, BottlePay, and crypto exchange platform HotBit also stopped their operations.
Investors should be very cautious and analyze all the reports of their crypto exchanges and platforms. After the US elections and Fed Rate meetings, we just can hope for the best of the BTC futures and its altcoins.
Recently TradeBlock company also stopped its operations. As a consumer, you should be vigilant and cross-verify the news of the crypto platform and its assets. God knows what will happen in 24 hours in the crypto market. The crypto market is quite volatile these days, BTC is making higher highs, then stop rallying, and then again it is making lower lows. You can’t analyze the price action as per the current scenarios.
Make sure you don’t hold any long position or short position otherwise, things can become haywire if your platform stops working.
