Topps NFT Problems
 

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

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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.

In other NFT news....

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

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.

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.

Gotcha - in that case I understand your point and agree. No sympathy for these crypto con artist bros from me.

From my column a few weeks ago:

https://adamstevenwarshaw.substack.com/p/cut-the-crap

"...don’t get me started on the infected anal fissure that is crypto, though it has been fun watching the arrogant crypto-bros getting gelded this year; the word for the day is “schadenfreude” when it comes to those insufferable dicks. Suffice it to say that when you have an unregulated market the crooks, cons and swindlers have a field day with the true believers stupid enough to trust them with their money."

Same goes for NFTs. Who could have foreseen a calamitous situation there? Well, everyone.

GEORGE: See, this should be a collectible. This is the collectible.

JERRY: What?

GEORGE: This. Just a short video clip that is online.

JERRY: (dismissing) Yeah, right.

GEORGE: I'm really serious. I think that's a good idea.

JERRY: A non-existent collectible that no one issues and no one can touch? Well, what's the collector get?

GEORGE: Nothing.

JERRY: No real item?

GEORGE: No, forget the real item.

JERRY: You've got to have something to collect.

GEORGE: Who says you gotta have that?

JERRY: And who supports this item? What does it look like?

GEORGE: Anything. I could be on a clip.

JERRY: You?

GEORGE: Yeah. You could base a clip on me.

JERRY: So, there's a clip showing George Costanza?

GEORGE: Yeah. There's something wrong with that? I'm a character. People are always saying to me, "You know you're a quite a character."

JERRY: And who else is on a clip?

GEORGE: Elaine could be a clip. Kramer...

JERRY: Now he's a character. (Pause) So anybody I know gets to be on a clip?

GEORGE: Right.

JERRY: And it's a collectible that doesn't exist and is backed by no one and nothing?

GEORGE: Absolutely nothing.

JERRY: So you're saying, I go in to Topps, and tell them I got this idea for a collectible that is nothing.

GEORGE: We go into Topps.

JERRY: "We"? Since when are you a writer?

GEORGE: (Scoffs) Writer. We're talking about a baseball card maker.

JERRY: You want to go with me to Topps?

GEORGE: Yeah. I think we really got something here.

JERRY: What do we got?

GEORGE: An idea.

JERRY: What idea?

GEORGE: An idea for a collectible.

JERRY: I still don't know what the idea is.

GEORGE: It's nothing.

JERRY: Right.

GEORGE: Everybody's making something, we'll make nothing.

JERRY: So, we go into Topps, we tell them we've got an idea for a collectible that is nothing.

GEORGE: Exactly.

JERRY: They say, "What's your collectible made of?" I say, "Nothing."

GEORGE: There you go.

(A moment passes)

JERRY: (Nodding) I think you may have something there.

my wife is having me watch Seinfeld now. I was too young to appreciate it when it was running the first time around. But I'm howling at some of the episodes. Second spitter was a great episode.

Your commentary is on the money [emoji108]

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+1 Agree

and hopefully the rest just have small investments and thus small loses because the money in most cases is gone