Cryptocurrency platform Freeway has halted transactions and services
related to their “Supercharger” high-yield product until further notice.
Crypto platform Freeway has halted some of its services, citing
"unprecedented volatility" in the foreign exchange and cryptocurrency
markets in “recent times.”
In an Oct. 23 post, the platform
announced they are halting buys, deposits and will "not be buying
Supercharger simulations until our new strategies are implemented."
According
to the Freeway website, their "Superchargers" product can offer up to
43% annual yield rewards. Users can deposit fiat currencies and crypto,
which are placed in regulated brokerage accounts which are leveraged for
returns.
A centralized platform, Freeway advertises itself as
combining the best of traditional finance with the best of decentralized
finance (DeFi).
As
— Freeway (@FreewayFi) October 23, 2022
all of you will be aware, there has been unprecedented volatility in
Foreign Exchange and Cryptocurrency markets in recent times. pic.twitter.com/9aHsWbm1So
Freeway has not provided any specific details about what its new
strategies might involve, but said in the announcement there are plans
to "diversify its asset base" and "manage exposure to future market
fluctuations and volatility."
What exactly this could mean for the
platform and its users is unclear, but the post closes by promising to
provide updates soon.
"We will notify you when we are ready to
recommence partial Supercharger simulation purchases (buy-backs) and
then again as we can recommence full Supercharger simulation purchases
as well as on platform Freeway Token (FWT) Deposits and Buys."
Cointelegraph
contacted Freeway for comment on the status of its withdrawals and for
further clarification about the halt of services but was not given any
new information.
The news about halting some services has seen their token Freeway (FWT) drop more than 75% in the last 24 hours, according to Coingecko.
In the wake of other high-profile issues with crypto firms and exchanges, users have been expressing their concerns on social media and in the Freeway Telegram group.
Whether
withdrawals will be honored and if Freeway will follow other
high-profile crypto platforms in permanent closure are the two most
prominent.
Related: Maple Finance CEO: Separating risk from lending saved DeFi from market crash
So
far a lone Freeway moderator/admin has been advising users to fill out a
support ticket and reported they can't "really say anything more until
the next official communications are forthcoming."
"The whole team
are working very hard with the intention to recommence partial
Supercharger simulation purchases (buy-backs) and then to again be able
to recommence full Supercharger simulation purchases," the moderator
added.
source link :https://cointelegraph.com/news/crypto-platform-freeway-halts-services-citing-unprecedented-volatility
