Update on Vault
Frank Chien avatar
Written by Frank Chien
Updated over a week ago

Hi All,

In light of the current events with FTX and Alameda Research, I wanted to share a few important updates regarding Vault:

  1. All Vault funds have been moved to Evolve Bank & Trust - which is FDIC-insured. When we first heard about the events happening earlier this week, we made the call to move ALL funds from our crypto partner, Wyre Payments, back to Evolve. Those funds are now with Evolve Bank & Trust and can be withdrawn at any time.

  2. In our discussions with Wyre, they said they had no exposure to FTX or Alameda Research. However, out of an abundance of caution we decided to pull all funds from Wyre.

  3. Until further notice, all funds in Vault will be parked at Evolve Bank & Trust and will not move back to Wyre. For the time being, Vault funds will continue to earn a 4% Savings Bonus.

  4. We’re continuing to monitor the situation closely and will proactively communicate any changes to our Vault program.

Lastly, thank you again for believing in us and the entire team at PrizePool. I believe our proactiveness in this situation speaks volumes about our risk management as well as maintaining a great experience for our customers.



CEO of PrizePool

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