Crypto platform Freeway has halted a few of its companies, citing “unprecedented volatility” within the international trade and cryptocurrency markets in “latest occasions.”
In an Oct. 23 put up, the platform introduced they’re halting buys, deposits and can “not be shopping for Supercharger simulations till our new methods are carried out.”
In response to the Freeway web site, their “Superchargers” product can provide as much as 43% annual yield rewards. Customers can deposit fiat currencies and crypto, that are positioned in regulated brokerage accounts that are leveraged for returns.
A centralized platform, Freeway advertises itself as combining the perfect of conventional finance with the perfect of decentralized finance (DeFi).
As all of you’ll be conscious, there was unprecedented volatility in Overseas Change and Cryptocurrency markets in latest occasions. pic.twitter.com/9aHsWbm1So
— Freeway (@FreewayFi) October 23, 2022
Freeway has not supplied any particular particulars about what its new methods may contain, however mentioned within the announcement there are plans to “diversify its asset base” and “handle publicity to future market fluctuations and volatility.”
What precisely this might imply for the platform and its customers is unclear, however the put up closes by promising to offer updates quickly.
“We are going to notify you after we are able to recommence partial Supercharger simulation purchases (buy-backs) after which once more as we are able to recommence full Supercharger simulation purchases in addition to on platform Freeway Token (FWT) Deposits and Buys.”
Cointelegraph contacted Freeway for touch upon the standing of its withdrawals and for additional clarification in regards to the halt of companies however was not given any new data.
The information about halting some companies has seen their token Freeway (FWT) drop greater than 75% within the final 24 hours, in accordance with Coingecko.
Within the wake of different high-profile points with crypto companies and exchanges, customers have been expressing their issues on social media and within the Freeway Telegram group.
Whether or not withdrawals might be honored and if Freeway will observe different high-profile crypto platforms in everlasting closure are the 2 most outstanding.
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To this point a lone Freeway moderator/admin has been advising customers to fill out a assist ticket and reported they can not “actually say something extra till the subsequent official communications are forthcoming.”
“The entire crew are working very arduous with the intention to recommence partial Supercharger simulation purchases (buy-backs) after which to once more be capable of recommence full Supercharger simulation purchases,” the moderator added.
