Weld Money Exits Ukraine: Crypto Project Shuts Down Operations

Another crypto venture bites the dust—Weld Money pulls the plug on its Ukrainian operations. No reasons given, no grand farewell. Just another reminder that in the wild west of decentralized finance, even the most bullish projects can vanish overnight.

Was it regulatory pressure? Market conditions? Or just another case of ’building the plane while flying it’ gone wrong? Either way, Ukrainian users are left holding empty bags—while traditional bankers smirk from their marble towers.

Other problems

Note, in a conversation with Incrypted, former employees of Weld Money pointed out other problems of the project, namely, non-payment of salaries. So, according to one of them, a marketer in the cryptocurrency sphere Dmitry Kryshtal, before some members of the team the debt reaches several years.

“The news about the curtailment of activities came out very timely, against the background of changes in the regulatory field and the departure of the market leader – Trustee Plus,” – believes Kryshtal.

Recall, earlier crypto wallet Trustee Plus closed registration for users from Ukraine. The team cited legal uncertainty as one of the reasons for the decision.

“There are problems more internal, I know that the founders have not settled with almost the entire development and marketing team. Former employees have been waiting for their salaries for over a year (since 2022 to be exact). The amounts vary from a couple of months’ salary to six months’,” Kryshtal noted.

According to him, the project management asked former employees not to talk about it publicly, constantly promising to pay everything. However, at a certain point, they stopped responding to questions about when the employees would receive the settlement, he said.

Kryshtal noted that he continues to keep in touch with the project team, to which the company still has a debt.

Recall, in September 2022, Weld Money launched a cryptocurrency card in partnership with Unex Bank in the Mastercard payment system. It could be used to pay in terminals using, for example, USDT on the account.

Сообщение Weld Money team announced the termination of its activities in Ukraine появились сначала на INCRYPTED.