Citing an email from Wyre CEO Ioannis Giannaros, a former employee of encrypted payment provider Wyre said the company plans to liquidate and terminate services as soon as January 2023, Axios reported. Another former employee said the company did not offer any severance packages. Ioannis Giannaros responded to Axios saying that the company is still operating and plans to downsize in the near future. Earlier in December, Wyre, the exchange service provider of the hardware wallet Ledger, was suspected of freezing user funds for "no reason". Users reported that the funds exchanged on the Wyre platform were lost for no reason.