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Crypto Platform Freeway Suspends Services Citing "Unprecedented Volatility"

Published on

December 24, 2022
Read Time:2 Minute, 5 Second

Crypto platform Freeway has suspended a few of its providers, citing "unprecedented volatility" within the foreign exchange and cryptocurrency markets in "trendy instances."

In an Oct. 23 put up, the platform introduced that they'll halt purchases and deposits and "is not going to buy Supercharger sims till our new methods are applied."

In keeping with the Freeway web site, their "Superchargers" product can provide annual returns of as much as 43%. Customers can deposit fiat currencies and crypto positioned in regulated brokerage accounts which might be leveraged for returns.

As a centralized platform, Freeway advertises itself as combining the very best of conventional finance with the very best of decentralized finance (DeFi).

As you all know, there was unprecedented volatility within the foreign exchange and cryptocurrency markets recently. pic.twitter.com/9aHsWbm1So

— Freeway (@FreewayFi) October 23, 2022

Freeway hasn't given particular particulars on what its new methods would possibly contain, however mentioned within the announcement that there are plans to "diversify its asset base" and "handle the chance of future market fluctuations and volatility."

Precisely what this would possibly imply for the platform and its customers is unclear, however the put up concludes with a promise to offer updates quickly.

"We'll notify you after we are able to resume partial Supercharger simulation purchases (buybacks) after which once more after we are capable of resume full Supercharger simulation purchases and deposits and purchases on the Freeway Token (FWT) platform."

Cointelegraph contacted Freeway to touch upon the standing of its withdrawals and for additional clarification on the suspension of providers, however acquired no new info.

Information of the suspension of some providers has brought about their Token Freeway (FWT) to fall greater than 75% within the final 24 hours coingecko.

Following different high-profile points with crypto corporations and exchanges, customers have voiced their issues on social media and the Freeway Telegram group.

Whether or not withdrawals might be honored and whether or not Freeway will completely shut down different high-profile crypto platforms are the 2 most essential.

Associated: Maple Finance CEO: The separation of threat and lending saved DeFi from the market crash

Up to now, a lone Freeway moderator/admin has suggested customers to fill out a assist ticket, reporting that they "actually cannot say something extra till the subsequent official bulletins".

"The whole staff is working very exhausting on the intent to renew partial Supercharger sim purchases (buybacks) after which be capable to begin full Supercharger sim purchases once more," the moderator added.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : December 24, 2022
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