The two most recent businesses to succumb to crypto winter are Wyre and EmpireDAO.
Payment service provider Wyre, which was established about ten years ago, lay off a number of staff members, and two of them confirmed that the business will be closing down, according to Axios. According to a former employee who cited an email from CEO Ioannis Giannaros, the firm would liquidate and stop operations as early as this month. Axios was informed by another ex-employee that no severance compensation had been provided.
Giannaros said that although the firm is still in operation, it has plans to scale operations.
It's also the conclusion of an EmpireDAO's lease at 190 Bowery in New York, which highlights the boom-and-bust nature of the ecosystem for digital currencies and is another indicator of the market's decline.
Less than a year after creator Mike Fraietta welcomed a community that has grown to 1,500 members and 300 daily visits, the decision to leave the property has been made.
Fraietta's last-ditch efforts to rescue the space through crowdfunding in December were intended to raise 205 ETH (nearly $250,000), but according to the campaign's website, donations only totaled 6.71 ETH ($8,150) from only 27 donors. Since the campaign's objective was not met, the funds will be refunded.
The future of EmpireDAO may involve temporary deployments at crypto conferences, but for the time being, according to Fraietta, the emphasis is on a "clean exodus."
