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Crypto investment platform Freeway went out of service over the weekend, resulting in the FWT token losing 75% of its value.
Crypto investment platform Freeway has informed users that it has suspended services on Sunday.this latest cryptocurrency news We have seen native FWT tokens lose over 70% of their value within 24 hours.
Freeway is a platform that claims to offer annual rewards of up to 43% in so-called superchargers of cryptocurrencies and some fiat currencies.
The platform allows users to deposit funds to buy superchargers and generate revenue in the process. Proceeds are sold back and funds are returned to users. However, Freeway said in a statement that it will not purchase the Supercharger simulation until the new strategy is implemented.
The company added:
As you are all aware, we have recently experienced unprecedented volatility in the forex and cryptocurrency markets. Freeway therefore seeks to manage our exposure to future market volatility and volatility and ensure the long-term viability of the Freeway ecosystem. We have decided to diversify our asset base to ensure sustainable sustainability and profitability.
Freeway’s Telegram group has been flooded with messages since the company announced yesterday. Members of the group complained that they were unable to liquidate their superchargers because they had temporarily stopped buying superchargers sold by Freeway. The platform replied:
We will let you know when we are ready to resume partial Supercharger Sim purchases (buybacks). I’ll let you know again when it’s done.”
Data taken from Coinmarketcap shows that the FWT has lost 75% of its value in the last 24 hours. At the time of writing, FWT is trading at $0.001529, giving him a market cap of just over $15 million.
It is still unclear whether Freeway is a fraud platform. but, Chainalysis interim report It revealed that while hacking and stolen funds in the industry are on the rise, cryptocurrency fraud is on the decline.
