‘Unprecedented Volatilty’ Causes Freeway to Halt Operations

UTC by Sanaa Sharma · 2 min read
‘Unprecedented Volatilty’ Causes Freeway to Halt Operations
Photo: Unsplash

Since the announcement, the Freeway (FWT) token has sunk to approximately eighty percent.

Crypto platform Freeway has recently paused a few operations due to unforeseen instability in the foreign exchange and crypto marketplaces.

In a post by the company on October 23rd, the platform revealed its plans to pause purchases and deposits. It also disclosed the company’s plans to cancel plans of buying Supercharger simulations until a new strategy is chalked out for the way forward.

The Supercharger products have the potential to increase their annual yield rewards by up to forty-three percent according to the Freeway website. Users can submit fiat currencies and crypto, which are deposited in authorized brokerage accounts that are then utilized for returns. A centralized platform, Freeway promotes itself as integrating the best of conventional finance with the advantages of Decentralized Finance.

Since the announcement, the Freeway (FWT) token has sunk to approximately eighty percent. Freeway was, however, not a very popular project and enjoyed a market cap of less than $70 million before the crash. It has now reduced to $10 million with the current trading prices.

According to the data uploaded on its website, the company owned $160 million in total value. However, the On-chain data claimed that the maximum share of token holders received their assets from airdrops, and was otherwise not used. Most giant whales using Freeway, however, suffered losses of over $16,500 with the pricing from Sunday’s market crash.

On the part of the company, it has not disclosed any significant details on what the new strategies in place would be, but the announcement asserted that the company is looking for ideas that will diversify its asset base.

As the number of companies halting operations due to market crunch increases every day, several crypto enthusiasts have shown apprehensions over social media and in the Freeway Telegram Group. It is yet to conclude whether Freeway plans to close the operations permanently like other popular crypto platforms or is all set for a corporate makeover.

For now, a sole Freeway moderator is suggesting crypto users register for a support ticket while claiming confidentiality about the company’s next steps. The moderator asserted that the company has been working together to reinitiate the partial Supercharger simulation purchases, with the gradual recommencement of full Supercharger simulation purchases.

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Sanaa Sharma
Author Sanaa Sharma

Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of Financial Markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world.

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