Freeway, a Bitcoin and altcoin platform, has stopped some of its services, citing “unique volatility.” Freeway cited the recent activity in the cryptocurrency and foreign exchange markets. Here are the details…
Bitcoin and altcoin platform has stopped some of its services
In a post dated October 23, the platform stated that they had stopped purchases and deposits. It announced that it will “not take Supercharger simulations until its new strategies are implemented.” According to the Freeway website, Supercharger products offer annual rewards of up to 43 percent. Users can deposit fiat currencies and cryptocurrencies into leveraged brokerage accounts for returns. As a centralized platform, Freeway, according to its own statements, “combines the best features of traditional finance with DeFi.”
Freeway has therefore decided to diversify its asset base to manage exposure to future market fluctuations and volatility ensuring the long term sustainability and profitability of the Freeway Ecosystem.
— Freeway (@FreewayFi) October 23, 2022
Freeway did not provide any details on what their new strategy might entail. In the announcement, however, he did explain his goal of “diversifying his asset base.” He also pointed to plans to “manage exposure to future market fluctuations and volatility.” It’s unclear exactly what this might mean for the platform and its users. But according to the post, they will soon provide more explanations to users. Freeway’s post included the following statements:
We will notify you when we are ready to restart partial Supercharger simulation purchases (buybacks) and then resume full Supercharger simulation purchases and Freeway Token (FWT) withdrawals and deposits.
The news dropped the FWT token
The value of Freeway’s token, Freeway (FWT), has dropped more than 75 percent in the past 24 hours as a result of the news about it shutting down its services. The value of FWT has dropped from $0.005715 to $0.001042 in the last 24 hours. The 24-hour trading volume increased by 130 percent, most likely due to the rush of traders to sell. The coin is trading as much as 95.23 percent below its all-time high in May 2021. Interestingly, despite the latest announcement, the coin has yet to hit its lowest level.
The coin’s low was recorded on June 21, 2022, at $0.0003188. At that time, there was talk of bankruptcy for Celsius (CEL) following the Terra LUNA collapse. Also, things were not going well for Three Arrows Capital (3AC) and Voyager Finance. FTW is about 372 percent above its level at the time.
So, as we have reported as Kriptokoin.com, there have been problems with crypto firms and exchanges in the last 3-4 months. Therefore, users are raising their concerns on social media and in the Freeway Telegram group. Whether or not withdrawals will start is one of the biggest issues. It is also anxiously awaited whether Freeway will join the ranks of other crypto platforms that have been permanently shut down.
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