Crypto Yield Platform Freeway Stops, Token Tanks 75%

Crypto Yield Platform Freeway Stops, Token Tanks 75%

The crypto investment startup Freeway has set the service to the "unprecedented" volatility to the foreign exchange and cryptoma markets, which again questions the long-term profitability of centralized platforms with high returns.

The platform registered on the Seychelles tweeted on Sunday that they would not buy back the supercharger simulations of the users-financial products that offered users a return of up to 43 %.

"Freeway has therefore decided to diversify its asset base in order to cope with the risk of future market fluctuations and volatility and to ensure the long-term sustainability and profitability of the Freeway E-System", said the platform in its Twitter and via a website . .

The native token FWT of Freeway fell by more than 75 % after his decision to suspend its platform, and has dropped by 96 % since its high last May.

No further information was provided with how Freeway would diversify its asset base. A spokesman for Freeway was not immediately available for a statement.

The step is reminiscent of the now bankruptcy crypto loan Celsius and Voyager-some of the largest in the room-when they got to spin at the beginning of this year.

Typically, users set crypto or Fiat with Freeway and buy so -called "superchargers", which can then be sold back at a later date, which is released and the initial means released. The guilt notes are supposed to emulate crypto and fiat currencies such as Bitcoin and USD.

Now users can no longer sell their superchargers to the platform that is still in the beta phase. Freeway claims that Supercharger worth $ 161 million are currently in its ecosystem.

under the platform For non-us user, free registrations indicate that Platform "may have failed for a limited or longer period of time", e.g. B. for maintenance work and upgrades.

Freeway still has to specify a schedule for the resumption of the services, so that users get stuck without much recourse. Prominent crypto commentator Fatman has tweeted to emphasize that Freeway also removed the names of the team members from his website.

A representative of Telegram informed the users that they did not know whether they could withdraw money and advised them to submit a support ticket.

"Freeway has collapsed and I just wonder if I will still be one of the last to be withdraw.

At the beginning of this month, the co-CEO of the project said, Sadie Hutton, in a Youtube presentation Recession and a high inflation had stubbornly made the markets, but Freeway was ready to end "with a bang" in 2022.

Hutton said that the platform had a positive net lesson of $ 1.8 million in the third quarter of this year.

"If you consider that the Bitcoin price fell over 30 % in June alone, this is a very strong signal to our community and for everyone who is looking for projects that exist in the middle of the turbulence at the bear market ... Freeway has a very clear way."

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The Post Crypto Yield Platform Freeway Halts, Token Tanks 75% is not a financial advice.