Crypto business communication has become a dangerous exercise from the depths of the current bear market. Because each formulation is immediately analyzed to determine if it is not hiding something. It must be said that Sam Bankman-Fried’s detachment, just days before the FTX platform crash, strained the nerves – and confidence – of many investors in the industry.
A palpable tension that is taking society as a new target wyre, specialized in the payment and custody of cryptocurrencies. Because according to some information revealed by recently laid off employees, the company is in the liquidation phase. Information of which one of the consequences is the call of the project Juno withdraw funds deposited on its platform “due to uncertainty with (this) partner”.
Wyre – On the verge of bankruptcy?
Cryptocurrency payments company Wyre is said to be on the verge of bankruptcy. This of course largely following the cancellation in September of its acquisition by competitor Bolt, announced last April for the sum of 1.5 billion dollars. A blow that also seems to have been fatal if we are to believe the many voices crying no confidence. Because no official information confirms this situation, however advanced by some former employees and partners of the company. This abouta pending liquidation of this crypto payment marvel at the head of raising $29 million in investments between 2014 and 2021.
Rumors that nonetheless ended up forcing the CEO of the Wyre company, Ioannis Giannaros, to get out of his silence. With an email sent at the beginning of the week to its employees still in office. A document in which he does not speak of liquidation or financial difficulties, while specifying that Wyre is “still in business”. However, not everything is so good, because it will obviously be necessary to “reduce (i) teams to plan (i) next steps”.
” We (Wire) we will continue to do everything possible, but I want everyone to be prepared for the fact that we will have to calm down our activity in the coming weeks”
Ioannis Giannaros
Juno – Withdraw your cryptocurrencies urgently
A statement that has not calmed the spirits, quite the contrary. In fact, the fiat-to-crypto solution provider Juno informs its customers of the need to withdraw the funds in cryptocurrencies they hold on its platform as soon as possible. The reason given: the latter are in fact held by a shareholder who is none other than the Wyre company. And in the face of current “uncertainty”, the best solution on offer is to keep these digital funds on a self-hosted wallet while waiting for an alternative solution.
” Juno as a platform does not store cryptocurrencies and relies on a partner for these services. Due to the uncertainty with the latter, we have taken preventive measures in the interest of our customers. (…) We strongly recommend that you withdraw your cryptocurrencies to a self-hosted wallet or sell them for cash in your Juno checking account which is FDIC insured up to $250,000 via our partner bank. »
Because the risk in this case is to find yourself in a story similar to that of the lender Celsius, officially bankrupt for several months. With most of its clients’ cryptocurrency funds are impossible to withdraw. This is for the simple reason that they became the property of Celsius as soon as they were deposited on his platform. A risk that is better not to run given the current context…