On October 23, crypto yield platform, Freeway, announced it is halting transactions and the services it provides. The platform cited the never-seen-before volatility in the financial markets, mainly foreign exchange and crypto, as the reason for the shutdown.
In a recent tweet, Freeway explained its annual yield reward program, allowing users to earn on its investment platform. In addition, users can deposit fiat currencies and crypto, which are placed in a regulated brokerage account and leveraged for returns of up to 43%.
However, there’s no specific detail provided by Freeway on how it intends to combat the ongoing crypto winter. The platform only stated that it plans to “diversify its asset base” to protect itself against future market fluctuations and volatility.
This information passed across by the yield investment platform has negatively affected the price of its native token (FWT). As a result, the token experienced a parabolic downtrend movement of more than 75% in the last 24 hours, according to CoinGecko. It is now 95% off its May 2022 all-time high.
Freeway Leaves Users Uninformed
The Seychelles-licensed platform also announced that it would no longer buy users’ supercharger simulations till further notice. The supercharger simulation is a financial product of the company that allows it to earn up to 43% annual yields.
This is a backward step for the crypto yield platform as its users can now not sell their superchargers back to the platform, which is still in beta. According to Freeway, its ecosystem currently houses $161 million in superchargers.
Following the announcement, Freeway users took to social media to express their disappointment at the platform’s decision.
There have yet to be any updates on when withdrawals will be honored or reinstated. Thus, leaving users in the dark regarding their investments. A prominent crypto investor tweeted that freeway scrubbed team member names from its website.
If this is true, it could cause an uproar amongst platform users. However, the responses from one of Freeway’s Telegram moderator has been nonchalant.
He only suggested that users fill out a support ticket. He also stated that he could only say something once the platform makes its next official announcement.
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