Coverage on Web3isgoinggreat [1]

"Wyre had been a partner of Binance US, through which Binance was able to accept USD deposits. However, Binance US is now the target of SEC regulatory action, and has suspended US dollar deposits. Wyre wrote in their announcement that the closure "is not due to any regulatory agency direction". Sure thing."

Binance, already in trouble with the US SEC, is ceasing operations in Holland and Cyprus, to "focus on our efforts on fewer regulated entities in the EU". Right.

[1] https://web3isgoinggreat.com/

> The company has been limping along for some months after Bolt cancelled its deal to buy the company for $1.5 billion last year.

Does this valuation matter at all if no one actually invested at the stated value?

How much funding did they receive?

"How much money did they waste?" is perhaps a more honest way of phrasing this.

Oh one hundred percent. Had thought that goes without saying at this point.

It's likely more than 100% because they waste external people's time as well, such as ours right now.

What happens to the source of the 29.1 million dollars? Just a total loss? (Obviously I’m not an accountant)

Yes, unless they shut down with some cash left, which they will likely be obligated to return to investors/creditors.

“OMG”: so how does anyone get convinced to invest, as it seems like gambling with a very high chance of total loss?

$29.1 million according to Crunchbase. https://www.crunchbase.com/organization/wyre

tried to get my business verified on their platform, they strung me along for months asking for different kinds of documentation before admitting that they were understaffed and kept losing my application (?). horrible experience and colossal waste of time, i'm happy they have gone under. as someone who believes in so-called web3, i'm happy that all these companies are going under - perhaps out of the ashes we can foster some actual innovation

Wyre Festival