Crypto payments firm Wyre limits withdrawals as it mulls ‘strategic options’ amid market downturn – Yahoo Finance

Wyre Payments, a San Francisco-based crypto payments firm, will implement withdrawal limits for user accounts, it said in a Twitter statement on Jan.7.
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The company will limit withdrawals to a maximum of 90% of funds currently in each customer account. Withdrawals will also be subject to current daily limits.
According to Wyre’s website, there are daily withdrawal limits set at 5 Bitcoin, 50 Ethereum, and 20,000 in either USDC, DAI, or Wrapped Ethereum (WETH). Withdrawals in fiat are limited to US$150,000 and €140,000 per day.
Wyre said its latest move is “in the best interest of its community” and that the company is “exploring strategic options to navigate the current market environment.”
The announcement follows reports that Wyre would be shutting operations by the end of January, amid the broader crypto market downturn following the fall of FTX.
Cryptocurrencies have taken a major hit in recent months following the collapse of Sam Bankman-Fried’s cryptocurrency exchange empire FTX in November, which has prompted crypto investors to leave centralized crypto platforms in droves.
Cryptocurrency-focused conglomerate Digital Currency Group (DCG) suspended redemptions and new loan originations for its crypto company Genesis Global Capital at the end of last year. This week, DCG announced it will shut its wealth management unit called HQ.
In April last year, Wyre was nearly acquired by one-click checkout provider Bolt for US$1.5 billion, but the deal fell through in September.
See related article: Crypto exchange Huobi latest firm to slash staff: Reuters
Executives of bankrupt crypto lender BlockFi haven't withdrawn any of their own cryptocurrencies locked up in the platform since October, a lawyer for the company told a U.S. Bankruptcy Court for the District of New Jersey on Monday, contrasting it to fellow bankrupt crypto lender Celsius Network. "I think the important takeaway here is that there was no situation where insiders were pulling money off the platform on the eve of or anywhere near this bankruptcy file … So this is not the Celsius case where management extracted value on the eve of the file," Joshua Sussberg, a partner at law firm Kirkland & Ellis and representative for BlockFi, said during the second hearing in BlockFi's Chapter 11 bankruptcy proceedings. Kirkland & Ellis also represents Celsius in that firm's bankruptcy.
CRYPTO UPDATE All of the largest cryptocurrencies were up during morning trading on Monday, with Cardano (ADAUSD) seeing the biggest change, jumping 10.25% to 32 cents. Dogecoin (DOGEUSD) rallied 7.74% to 8 cents, while Litecoin (LTCUSD) increased 7.
Digital Currency Group (DCG), the head of Barry Silbert's crypto empire, is under DoJ and SEC investigations, according to Bloomberg News.
U.S. prosecutors and the Securities and Exchange Commission (SEC) have started to investigate cryptocurrency-focused conglomerate Digital Currency Group (DCG), Bloomberg reported on Saturday, citing unnamed sources.
Attempts to urgently sell LedgerX and FTX Japan have invited legal protest.
The world’s most popular meme coin Dogecoin is among the best-performing cryptocurrencies in the past 24 hours.
Bitcoin has languished in the $16,000 trading range for almost three weeks, but Monday saw a break-out for the world's biggest cryptocurrency.
The cryptocurrency industry saw a swathe of job-cuts throughout 2022, and, just days into the new year, another round of lay-offs is set to hit the struggling sector.
The two tokens added nearly 20% in the past 24 hours as of Asian morning hours on Monday.
Certain semiconductor stocks do look attractive at their present prices. Intel stock, for example, costs less than 9 times trailing earnings currently. AMD and Nvidia, at 39 times and 60 times trailing earnings, respectively, may not be objectively cheap, but they are at least about 50% cheap-er than what they were selling for a year ago.
U.S.-based electric vehicle (EV) company stocks took off today after what had been a relatively rough start to 2023. After the first week of the year, stocks of EV makers Rivian Automotive (NASDAQ: RIVN) and Lucid Group (NASDAQ: LCID) along with charging network company ChargePoint (NYSE: CHPT) were down between 5% and 11%. Lucid and ChargePoint stocks were up 7% and 13.6%, respectively, at that time.
What happened Shares of Novocure (NASDAQ: NVCR) are sinking today, down by 15.4% as of 10:44 a.m. ET. The decline came after the company announced its preliminary full-year and fourth-quarter 2022 net revenue numbers.
These top-notch income stocks, with yields ranging from 7.7% to 13.6%, can seriously pad your wallet.
Yahoo Finance's Dan Howley breaks down a Wells Fargo report that named chip makers Nvidia and AMD the top tech picks for this year.
Crypto bank Silvergate Capital (NYSE: SI) followed up a recent short squeeze with a preliminary update on its fourth-quarter earnings results that sent the stock in the exact opposite direction, plunging to near all-time lows. Silvergate announced significant deposit outflows in the quarter, big charges from selling bonds, and that it plans to lay off 40% of its workforce. With the crypto market currently experiencing an intense crypto winter and the bank's outlook bleak, is this the end for Silvergate?
The medical equipment makers saw their share prices decline in 2022. Which one is more likely to stage a comeback in 2023?
Two Buffett stocks stand out as clear-cut buys in the new year, while another top holding has lost much of its luster.
Shares of Snowflake (NYSE: SNOW) were up about 10% as of 2:15 p.m. ET on Monday, after an analyst had some positive things to say about this investment opportunity. Technically speaking, Piper Sandler analyst Brent Bracelin lowered the price target for Snowflake stock from $200 per share to $194 per share, according to The Fly. In other words, Bracelin's price target takes negatives into consideration and still implies roughly 56% upside from where Snowflake stock traded before this morning's jump.
We are yet to find out what lies in store for the stock market in 2023. However, we do know that the previous year was one of the worst ever, with the S&P 500 putting in its 7th most abject annual performance since 1929. Whichever way you look at it, then, most investors did not enjoy the past 12 months’ market action. One positive takeaway, however, is that the overall bearish trend has driven share prices down across the board and that has left some stocks at levels that are now just too cheap
Bill Gates looks for income, too. This is how he gets it.

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