Crypto staking platform Freeway has halted all customer withdrawals, sending its native token plunging over 80% in a matter of hours.
Yesterday, Freeway Financial announced they were stopping user withdrawals, citing volatility in the foreign exchange and crypto asset markets.
“As all of you will be aware, there has been unprecedented volatility in Foreign Exchange and Cryptocurrency markets in recent times.
Freeway has therefore decided to diversify its asset base to manage exposure to future market fluctuations and volatility ensuring the long-term sustainability and profitability of the Freeway Ecosystem.
This will allow Freeway to maintain the highest level of Supercharger simulation rewards.”
Freeway, formerly known as Aubit, was offering very high yield through staking what it calls “Superchargers,” which aim to be simulated versions of prominent cryptocurrencies, fiat currencies, or commodities. Some of its programs offered up to 43% a year.
At time of writing, Freeway says it can’t comment any further on the half of withdrawals.
“While this process is ongoing, Freeway will be allocating capital to its underlying portfolio and this means for a temporary time we will not be buying Supercharger simulations until our new strategies are implemented.
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.
While we complete this process we cannot comment further beyond this statement. We look forward to updating you further soon.”
In response to the announcement, the native Freeway Token (FWT) is down 74% in the last 24 hours.
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