It seems that yet another crypto company failed to withstand volatile market conditions.
Freeway, decentralized finance (DeFi) platform, has ceased its services, citing “unprecedented volatility.”
According to the Twitter thread, Freeway is halting its buying and deposit services, stating that it will “not be buying Supercharger simulations until new strategies are implemented.”
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Freeway Superchargers are simulations of popular crypto and fiat currencies, allowing users to earn up to 43% Annual Percentage Yield (APY). Users can purchase these simulations using Bitcoin (BTC), Ethereum (ETH), the United States Dollar (USD), Euro (EURO), the British pound sterling (GBP), the Canadian Dollar (CAD), or the Australian Dollar (AUD).
Freeway noted that its decision to halt its services was made to “manage exposure to future market fluctuations and volatility, ensuring the long-term sustainability and profitability of the Freeway Ecosystem.”
The DeFi platform ended its Twitter thread by noting:
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.
However, the crypto community is not happy about Freeway’s decision to halt its services, suspecting rug pull. One Twitter user, dubbed FatMan, highlighted that the names of Freeway team members were removed from the website.
It is worth noting that the day before Freeway announced the news, the same user rushed Freeway customers to withdraw their funds, claiming that it may be yet another Ponzi scheme.
Following the news, the platform’s native token, FWT, has recorded a significant price drop. At the time of writing, FWT retails for $0,001624 with a 72% price drop in the last 24 hours.
by Gile K. – Crypto Analyst, BitDegree
SOURCE: COIN JOURNAL
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