Crypto platform Freeway halts services citing ‘unprecedented volatility’

Crypto platform Freeway has stopped a number of its services, citing “unparalleled volatility” within the foreign currency and cryptocurrency markets in “recent occasions.”

Within an March. 23 publish, the woking platform announced they’re halting buys, deposits and can “‘t be buying Supercharger simulations until our new strategies are implemented.”

Based on the Freeway website, their “Superchargers” product can provide as much as 43% annual yield rewards. Users can deposit fiat currencies and crypto, that are put into controlled brokerage accounts that are leveraged for returns.

A centralized platform, Freeway advertises itself as mixing the very best of traditional finance with the very best of decentralized finance (DeFi). 

Freeway hasn’t provided any sort of information regarding what its new strategies might involve, but stated within the announcement you will find intends to “diversify its asset base” and “manage contact with future market fluctuations and volatility.”

Just what this might mean for that platform and it is users is unclear, however the publish closes by promising to supply updates soon.

“We’ll inform you if we are prepared to recommence partial Supercharger simulation purchases (buy-backs) and on the other hand as possible recommence full Supercharger simulation purchases and also on platform Freeway Token (FWT) Deposits and Buys.”

Cointelegraph contacted Freeway for discuss the status of their withdrawals as well as for further clarification concerning the halt of services but wasn’t given any new information. 

This news about halting some services has witnessed their token Freeway (FWT) drop greater than 75% within the last 24 hrs, based on Coingecko.

Within the wake of other high-profile difficulties with crypto firms and exchanges, users happen to be expressing their concerns on social networking as well as in the Freeway Telegram group.

Whether withdrawals is going to be honored and when Freeway follows other high-profile crypto platforms in permanent closure are two of the most prominent.

Related: Walnut Finance Chief executive officer: Separating risk from lending saved DeFi from market crash

To date a single Freeway moderator/admin continues to be counseling users to complete an assistance ticket and reported they cannot “really say something more before the next official communications are forthcoming.”

“The entire team will work very difficult using the intention to recommence partial Supercharger simulation purchases (buy-backs) after which to again have the ability to recommence full Supercharger simulation purchases,” the moderator added.

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