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Crypto investment platform Freeway suspends services citing market volatility

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TL;DR

  • Freeway, a crypto investment platform suspends its services citing market volatility.
  • The platform stated that until its new tactics are put into practice, it will not be purchasing Supercharger simulators.

Freeway, a crypto investment platform, suspended operations on Sunday, which caused a sharp drop in the value of its internal coin.

In the last 24 hours, the token’s price has fallen by more than 80%, and users on Telegram were unsure of the precise circumstances. According to CoinGecko, the Freeway token is currently trading at $0.00110245.

Freeway advertises up to 43% annual incentives on purported “Superchargers” that accept both fiat and cryptocurrency payments. Users deposit funds into their accounts and buy Superchargers, which provide yield. 

Exceptional crypto market volatility

The proceeds from the sale of these products can then be received. Freeway, however, stated in its statement that until its new tactics are put into practice, it will not be purchasing Supercharger simulators.

The firm stated in its statement that there has recently been exceptional volatility in the foreign exchange and cryptocurrency markets.

 “Freeway has thus chosen to diversify its asset base to manage exposure to future market changes and volatility, assuring the long-term viability and profitability of the Freeway Ecosystem,”

One user posted: “I can’t sell my supercharger and receive my funds bc FREEWAY is “temporarily” not purchasing back the superchargers they sold me,” sparking a conversation on the firm’s Telegram channel.

 As a response Freeway noted that

“When we are prepared to resume partial Supercharger simulation purchases (buy-backs) We will notify you. We will also notify you when we can resume complete Supercharger simulation purchases as well as on-platform Freeway Token (FWT) Deposits and Buys.”

How to buy and withdraw Freeway token

Freeway Superchargers are simulations denominated in popular crypto and fiat currencies. They are specifically made to reward you for holding them every day.

If you’re using Coinbase Wallet on your mobile phone, you can purchase Freeway Token right in the app. On the Assets tab, click the (+) Buy. Then select the “Trade” option to exchange ETH for any token that adheres to the Ethereum protocol (also known as “ERC-20 tokens”). Select Freeway Token by tapping “choose coin.”

To withdraw your Freeway Token, Click on “withdraw” and submit the necessary data. Set the network to Ethereum, enter your wallet address, then enter the desired transfer amount. When your Ethereum is ready, click the withdraw button and wait for it to show up in your Metamask.

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Lacton Muriuki

Lacton is an experienced journalist specializing in blockchain-based technologies, including NFTs and cryptocurrency. He dabbles in daily crypto news rich with well-researched stats. He adds aesthetic appeal, adding a human face to technology.

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