1 year ago
Cryptocurrency level Freeway has halted transactions and services related to their “Supercharger” high-yield merchandise until further notice.
Crypto level Freeway has halted immoderate of its services, citing "unprecedented volatility" successful the overseas speech and cryptocurrency markets successful “recent times.”
In an Oct. 23 post, the level announced they are halting buys, deposits and volition "not beryllium buying Supercharger simulations until our caller strategies are implemented."
According to the Freeway website, their "Superchargers" merchandise tin connection up to 43% yearly output rewards. Users tin deposit fiat currencies and crypto, which are placed successful regulated brokerage accounts which are leveraged for returns.
A centralized platform, Freeway advertises itself arsenic combining the champion of accepted concern with the champion of decentralized concern (DeFi).
As each of you volition beryllium aware, determination has been unprecedented volatility successful Foreign Exchange and Cryptocurrency markets successful caller times. pic.twitter.com/9aHsWbm1So
— Freeway (@FreewayFi) October 23, 2022Freeway has not provided immoderate circumstantial details astir what its caller strategies mightiness involve, but said successful the announcement determination are plans to "diversify its plus base" and "manage vulnerability to aboriginal marketplace fluctuations and volatility."
What precisely this could mean for the level and its users is unclear, but the station closes by promising to supply updates soon.
"We volition notify you erstwhile we are acceptable to recommence partial Supercharger simulation purchases (buy-backs) and past again arsenic we tin recommence afloat Supercharger simulation purchases arsenic good arsenic connected level Freeway Token (FWT) Deposits and Buys."
Cointelegraph contacted Freeway for remark connected the presumption of its withdrawals and for further clarification astir the halt of services but was not fixed immoderate caller information.
The quality astir halting immoderate services has seen their token Freeway (FWT) driblet much than 75% successful the past 24 hours, according to Coingecko.
In the aftermath of other high-profile issues with crypto firms and exchanges, users person been expressing their concerns connected societal media and successful the Freeway Telegram group.
Whether withdrawals volition beryllium honored and if Freeway volition travel different high-profile crypto platforms successful imperishable closure are the 2 astir prominent.
Related: Maple Finance CEO: Separating hazard from lending saved DeFi from marketplace crash
So acold a lone Freeway moderator/admin has been advising users to capable retired a enactment summons and reported they can't "really accidental thing much until the adjacent authoritative communications are forthcoming."
"The full squad are moving precise hard with the volition to recommence partial Supercharger simulation purchases (buy-backs) and past to again beryllium capable to recommence afloat Supercharger simulation purchases," the moderator added.
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