Another lesson for those that are using custodial exchanges and wallets

[Russlenat]

So they're only stealing 10% of your money. They should call it a bail-in, that's what banks would do.

I understand that it could be their own way of having a bail-in, but if we keep on depositing our funds there and everytime we withdraw they would also keep holding the 10% of our funds, then eventually they are like  gaining huge profits from our own deposits. That is way too unfair for our part. That is why we should never trust exchanges like this as they can get richer in time while leaving us poorer in the end. Its better to have our own non-custodial wallet wherein we could have the full control of our own hard-earned money.

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[Welsh]

So they're only stealing 10% of your money. They should call it a bail-in, that's what banks would do.

Yeah, basically holding you ransom to continue to use their platform, simply because they keep ten percent of your money. It's basically a built in fee for leaving them, and means that you'll never truly own all your money. It's a weird take on things, and I'm not sure how they've built up a client base with that sort of rule put in place. At least with centralised exchanges/wallets they don't actively advertise they'll steal your money.

Really odd decision, and they almost pass it off as a positive feature .

[Rikafip]

Good news for all those having money on Wyre, as they announced via Twitter they secured investment that enables them to lift the 90% withdrawal cap restriction so if there's anyone still having money there, get it out while you can.

Wyre secured a new source of funding, allowing it to drop its recently introduced 90% customer withdrawal cap, the company said on Twitter today.

“We’re excited to share that today we received financing from a strategic partner that allows us to continue our normal course of operations,” Wyre tweeted, adding that it would “resume accepting deposits and lift the 90% withdrawal limit effective immediately.”

[capedbaldy]

Good news for all those having money on Wyre, as they announced via Twitter they secured investment that enables them to lift the 90% withdrawal cap restriction so if there's anyone still having money there, get it out while you can.

Great news for anyone with 10% remaining funds in their wallet, anyone with funds in their wyre wallet should know this important information, they should immediately withdraw it to a non-custodial wallet as soon as possible because rules can change that easily, even though the withdrawal process is normal without restrictions but anyone would have any doubts about keeping assets in a Wyre wallet for the reason that locking up 10% funds is ridiculous and highly suspicious.

[Viscore]

So they're only stealing 10% of your money. They should call it a bail-in, that's what banks would do.

Yeah, basically holding you ransom to continue to use their platform, simply because they keep ten percent of your money. It's basically a built in fee for leaving them, and means that you'll never truly own all your money. It's a weird take on things, and I'm not sure how they've built up a client base with that sort of rule put in place. At least with centralised exchanges/wallets they don't actively advertise they'll steal your money.

Really odd decision, and they almost pass it off as a positive feature .

Yeah, this one is really odd. I don’t think if all their clients will agree to their own policy in the long run as they will eventually realized that this a clear stealing of their own hard-earned money. Although this could be a reason too not to leave the platform because of 10% remaining deposit, but if clients have known this before or they are already aware, surely this platform will never get one. And might as well some clients will sue them in the long run once they constantly deducting 10% from the whole deposit every time they do withrawal.

[Taskford]

I do not know if Wyre is a custodial wallet or an exchange. I decided to post this on beginners and help for the beginners to learn another lesson which is not new again. But moderator can decide to move it to the appropriate board.

This is not about hack but it is about not you key not your coin. On noncustodial wallet, you are the owner of your coin, unlike on custodial wallets and exchanges that you are not the owner because the keys are not yours.

See the interesting news:
https://cointelegraph.com/news/wyre-imposes-up-to-a-90-withdrawal-limit-for-all-users

Wyre users are able to withdraw, but they can only withdraw 90% of their money. Assuming you have $1000 on the exchange, you can not be able to withdraw $100 and Wyre users will be panicking about their money by now. Can you see that the more money they have on Wyre, the more money they can not be able to withdraw. On noncustodial wallet, you can send all your coins on the wallet at anytime.

To bad for people that it will cost a lot of money for other people to learn from their mistakes hopefully incident like this if not happen will minimize in future since its really bad to see so many people got scam or always think about making an exchange as their personal wallet. Traders and investors should be wise on the decision they made to avoid such unfortunate incident that might happen to them.

[Peanutswar]

Still, some of the people in the cryptocurrency space have the time and money for the investment but don't have time the securing their funds, even though its a hassle  to make a transaction with a tons of verification security at the end of the day you have the fully automation potential with your assets and not just getting ruled with the exchange or other platform you are using just to store your funds. Thats why we support the not your keys not your coins.

[Issa56]

I haven't even heard about the exchange before, this is my first time to hear about the exchange, but why are they holding 10% of customers funds? That's really bad, I think we all are seeing reasons why we shouldn't leave our coin on exchange. Even if you are trying to buy your coin, always make sure you use a reputable exchange to avoid being scammed, and immediately you purchase coin from reputable exchange, make sure you withdraw it to your non custodial wallet address, even on reputation exchange, don't leave your coin their.

[erep]

I haven't even heard about the exchange before, this is my first time to hear about the exchange, but why are they holding 10% of customers funds?

Some suspect because of indications of bankruptcy so they limit withdrawals to 90% for certain purposes, I don't know the bad situation of centralized exchanges like that case, maybe they are greedy to take investors funds in subtle ways without explaining the details of using 10%. However, I just read an update to this thread from @rikaflip that the 10% withdrawal has been granted access for full withdrawals without any restrictions, so apply for a withdrawal now.