Freeway announce the suspension of its work amid market volatility

The project’s native token reacted to the news with a 72% drop

24.10.2022 - 07:30

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What’s new? Cryptocurrency platform Freeway, which previously offered users up to 43% per annum for blocking various crypto assets, has announced the suspension of all withdrawal operations. In addition, the names of all team members were removed from the project’s official website. The official announcement of the suspension was published on Freeway’s Twitter.

As all of you will be aware, there has been unprecedented volatility in Foreign Exchange and Cryptocurrency markets in recent times. pic.twitter.com/9aHsWbm1So— Freeway (@FreewayFi) October 23, 2022

What else is known? Representatives of the platform reported “unprecedented volatility” in the crypto market. Because of this, Freeway decided to diversify its asset base to manage risks and ensure the future sustainability and profitability of the ecosystem. Buy-backs as well as deposits and purchases are temporarily unavailable on the platform. Representatives of the platform promised to announce all the news at a later date.

Amid this news, the platform’s native token called Freeway Token (FWT) has fallen by 72,57% in the last 24 hours and is trading at $0,001615 (Binance data as of October 24, 07:30 UTC).

In August, BlueBenx, a Brazilian crypto lending platform, blocked withdrawals for its users after an alleged hack resulted in the theft of about $32 million. In addition, it is reported that most of the platform’s employees were laid off.

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