Crypto funding platform Freeway halted providers over the weekend, leading to its FWT token shedding 75% of its worth.
Crypto funding platform Freeway advised its customers on Sunday that it has halted its providers. This newest cryptocurrency information noticed its native FWT token lose greater than 70% of its worth inside the house of 24 hours.
Freeway is a platform that claims to supply as much as 43% annual rewards on so-called “Superchargers” denominated in crypto and some fiat currencies.
The platform permits customers to deposit funds and purchase Superchargers, producing yield within the course of. The yield will be offered again, and the funds returned to the consumer. Nonetheless, Freeway mentioned in an announcement that it will not be buying Supercharger simulations till its new methods are applied.
The agency added that;
“As all of you may be conscious, there was unprecedented volatility in Overseas Trade and Cryptocurrency markets in current occasions. Freeway has due to this fact determined to diversify its asset base to handle publicity to future market fluctuations and volatility, guaranteeing the long-term sustainability and profitability of the Freeway Ecosystem.”
Freeway’s Telegram group has been buzzing with messages because the agency made the announcement yesterday. A member of the group complained that they couldn’t liquidate their Supercharge as a result of Freeway had briefly stopped shopping for the superchargers they offered to them. The platform replied that;
“We are going to notify you once we are able to recommence partial Supercharger simulation purchases (buy-backs) after which once more as we will recommence full Supercharger simulation purchases in addition to on platform Freeway Token (FWT) Deposits and Buys.”
Knowledge obtained from Coinmarketcap reveals that FWT has misplaced 75% of its worth over the past 24 hours. At press time, FWT is buying and selling at $0.001529, with a market cap of simply above $15 million.
It’s nonetheless unclear if Freeway is a rip-off platform. Nonetheless, Chainalysis’ midyear report revealed that cryptocurrency scams are down whereas hacks and stolen funds within the business have gone up.