“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.”
Crypto staking platform, Freeway, has halted transactions and services related to its Supercharger product. Citing unprecedented volatility in the Foreign Exchange and crypto markets, the DeFi platform is temporarily halting the purchase of Supercharger simulations.
The company announced this development in a Twitter post.
In its defense, Freeway emphasized its effort to diversify its asset base so as to manage future fluctuations and volatility. It believes this move will enable Freeway to maintain the highest level of Supercharger simulation rewards.
This news has not been welcomed by users. They are expressing concerns due to the recent similar occurrence with other exchange platforms. Users are wondering if withdrawals will be allowed and if Freeway will toe the line of bankruptcy like crypto platforms Celsius, Voyager, and 3AC.
Although Freeway is yet to answer these questions, one of its moderators has advised users to fill out a support ticket. The moderator stated Freeway couldn’t say anything till further official announcements.
Following these, Freeway has seen a massive decline in its trading volume. The Freeway token (FWT) has reportedly dropped by more than 75% in the last 24 hours. With a market cap of roughly $70 million before the crash, the platform is now trading at $10 million. On-chain data also reveals that its biggest investors have lost over $16,000 during the crash.
