Freeway, The yield-generating DeFi platform declares on October 23 that it has stopped offering its services. This is due to “unprecedented volatility in foreign exchange and cryptocurrency markets in recent times.”
Freeway decides to diversify the types of assets it holds. The purpose of the action, according to the statement, was to “manage exposure to future market fluctuations and volatility ensuring the long-term sustainability and profitability of the Freeway ecosystem,”
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
Capital will be allocated to its portfolio throughout this procedure, resulting in the suspension of its “Supercharger” service.
Freeway, Another DeFi Rug Pull
Freeway boasts that its “Superchargers,” or virtual simulations, may yield up to 43% APY. Both cryptocurrency and fiat can be used to pay for these. Freeway is willing to buy these yield-generating products, but the company just says that it won’t unless until their new strategies are in play
“While we complete this process we cannot comment further beyond this statement.” Freeway writes a pretty mysterious closing sentence.
The team’s names is no longer on their website, according to crypto-sleuth “Fatman,” in what he calls “another $100 million rug.”
In addition, he calls the website a Ponzi scheme and advises people to take their money out on October 22 before the Freeway announcement.
Two hours ago, Freeway halted all platform withdrawals. They also wiped the names of all team members from their website. It looks like it's over. Another $100m+ rug. https://t.co/CUHZRygRGM pic.twitter.com/BJE4QMtkPy
— FatMan (@FatManTerra) October 23, 2022
Freeway’s FWT drops 80%
Time will tell if this is the newest cryptocurrency scam where the team steals customer money. The team’s move is reducing the value of Freeway’s native token.
Over the past twelve hours or so, FWT is down more than 80%. Prior to the service interruption, the price of FWT sits approximately $0.007. On Monday morning, it drops to $0.001 and still not back from that low of almost 87%.
