Topps NFT Problems

[todeen]

Got an email. I don't buy NFT, but I find the situation interesting. Here is the text...

Topps NFTs Customers,

You may have seen reports that Wyre, a wallet service provider for our secondary marketplace, may be shutting down or scaling back operations. We have been assessing the situation and, as of today, Wyre released an official statement which can be found here.

In light of this and as a precautionary measure, we are temporarily suspending transactions in the Shop and Marketplace effective immediately. Rest assured that your collection continues to be safe and secure. Should you decide to attempt to withdraw funds from your wallet, please submit a request directly through the platform to be processed by our payment solutions providers.

We are continuing to monitor the situation and will provide updates as they are available. We are working quickly to reopen the Shop and Marketplace as soon as possible and appreciate your patience and understanding as we work through next steps.

If you have any additional questions, please reach out to our customer service team at toppsnfts.com/support and we will be happy to help.

- Topps NFT Team


Here is the update from Wyre referenced in the email....

Dear Wyre Community —

We wanted to provide you with an update regarding the current state of our business.

We have not been immune to the challenges brought by the current macroeconomic climate and the recent events that have shaken the crypto industry. Acting in the best interest of our community is our top priority. We are exploring strategic options to navigate the market environment and deliver on our mission to simplify and revolutionize the global payments ecosystem in a safe and sound manner.

We are modifying our withdrawal policy. While customers will continue to be able to withdraw their funds, at this time, we are limiting withdrawals to no more than 90% of the funds currently in each customer account, subject to current daily limits. This will best position us to serve and maximize value for our customers and stakeholders.

We also wanted to share that we have made important changes to our management structure. Yanni Giannaros transitioned into a new role as Executive Chairman and will continue to provide valuable guidance and support to Wyre. Stephen Cheng has become our interim Chief Executive Officer. Stephen’s skillset as our Chief Risk and Compliance Officer makes him well-suited to lead our company.

We sincerely appreciate the support of and positive sentiments from the incredible Wyre community and the crypto ecosystem at large as we pursue options that will enable Wyre to continue to flourish. Our operations continue and we will share information with the community as it becomes available.

Sincerely,
The Wyre Team

Sent from my SM-G9900 using Tapatalk

[BobC]

Originally Posted by todeen

Got an email. I don't buy NFT, but I find the situation interesting. Here is the text...

Topps NFTs Customers,

You may have seen reports that Wyre, a wallet service provider for our secondary marketplace, may be shutting down or scaling back operations. We have been assessing the situation and, as of today, Wyre released an official statement which can be found here.

In light of this and as a precautionary measure, we are temporarily suspending transactions in the Shop and Marketplace effective immediately. Rest assured that your collection continues to be safe and secure. Should you decide to attempt to withdraw funds from your wallet, please submit a request directly through the platform to be processed by our payment solutions providers.

We are continuing to monitor the situation and will provide updates as they are available. We are working quickly to reopen the Shop and Marketplace as soon as possible and appreciate your patience and understanding as we work through next steps.

If you have any additional questions, please reach out to our customer service team at toppsnfts.com/support and we will be happy to help.

- Topps NFT Team


Here is the update from Wyre referenced in the email....

Dear Wyre Community —

We wanted to provide you with an update regarding the current state of our business.

We have not been immune to the challenges brought by the current macroeconomic climate and the recent events that have shaken the crypto industry. Acting in the best interest of our community is our top priority. We are exploring strategic options to navigate the market environment and deliver on our mission to simplify and revolutionize the global payments ecosystem in a safe and sound manner.

We are modifying our withdrawal policy. While customers will continue to be able to withdraw their funds, at this time, we are limiting withdrawals to no more than 90% of the funds currently in each customer account, subject to current daily limits. This will best position us to serve and maximize value for our customers and stakeholders.

We also wanted to share that we have made important changes to our management structure. Yanni Giannaros transitioned into a new role as Executive Chairman and will continue to provide valuable guidance and support to Wyre. Stephen Cheng has become our interim Chief Executive Officer. Stephen’s skillset as our Chief Risk and Compliance Officer makes him well-suited to lead our company.

We sincerely appreciate the support of and positive sentiments from the incredible Wyre community and the crypto ecosystem at large as we pursue options that will enable Wyre to continue to flourish. Our operations continue and we will share information with the community as it becomes available.

Sincerely,
The Wyre Team

Sent from my SM-G9900 using Tapatalk

Good find and post Tim. But boy, is that commentary full of fluff or what? LOL I think it would have been a lot easier to understand if they had just come out and said/told the truth, in plain and simple English, we don't have enough cash to give you all of yours if you ask for it back right now, so, we're going to limit what you can take for a while going forward.

If you read between the lines, it also sounds like they're saying, get as much of your cash out as you can now, before there's no more to give you. As soon as they made the reference to possibly being involved in the crypto market, that should tell you all you need to know.

[BobbyStrawberry]

In other NFT news....

https://www.coindesk.com/policy/2023...-29m-rug-pull/

[D. Bergin]

Everybody wants to be the next Bernie Madoff. Crypto and NFT's just made it easier.

I'm far from a financial genius, but I can't believe that anybody is surprised by any of this.

Almost every Major League Sports and "Sports Entertainment" entity got in bed with these NFT con artists. Led by people in the financial sector who should know better.

[BobbyStrawberry]

Originally Posted by D. Bergin

Everybody wants to be the next Bernie Madoff. Crypto and NFT's just made it easier.

I'm far from a financial genius, but I can't believe that anybody is surprised by any of this.

Almost every Major League Sports and "Sports Entertainment" entity got in bed with these NFT con artists. Led by people in the financial sector who should know better.

I think they do know better - they just don't care. After all, when they screw up, the government just bails them out so they can do it all over again.

[D. Bergin]

Originally Posted by BobbyStrawberry

I think they do know better - they just don't care. After all, when they screw up, the government just bails them out so they can do it all over again.

I was mainly referring to all these sports and entertainment entities that bought into the NFT hype, and the people in charge of their finances that let them to do this.

I don't think any of this trash is going to be deemed "Too Big To Fail", and I don't think the people in charge of FTX and the like are going to get bailed out.

The ones who don't get prosecuted will however give themselves giant severance packages on the way out, leaving everybody else holding the bag.