Crypto firm Juno took to Twitter on Jan. 4 to advise customers to self-manage or sell their crypto assets due to uncertainty with their crypto partners. thread.
We advised this because crypto companies rely on their crypto partners instead of personally managing their users’ assets. The identity of this partner has not been revealed, but many within the community speculate that it is Wyre.
Earlier this week, Wyre CEO Ioannis Giannaros said: reportedly A cryptocurrency payment company told employees it was closing its business. According to the report, Giannaros said cryptocurrency firms may continue to operate, but will need to scale back operations.
Meanwhile, Juno said it disabled the ability to buy cryptocurrencies and automatically converted stablecoins in users’ wallets to US dollars. The US dollars will remain in his FDIC insurance account and the Company will reimburse any fees due to such conversion.
However, users must decide what to do with their other crypto assets. Juno wrote:
“We strongly encourage you to withdraw your crypto assets into a self-custody wallet or sell your crypto assets for cash in an FDIC-insured Juno checking account up to $250,000 through a partner bank.”
Juno added that it has increased withdrawal limits for cryptocurrencies to make it easier for metal users to withdraw their assets.
Since the announcement, Juno said the crypto assets held on its platform have fallen below $1.25 million.
