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Freeway, a cryptocurrency investing platform, stopped working on Sunday, which fueled a pointy drop within the worth of its native crypto. Over the past 24 hours, the token’s value has fallen by greater than 80%, with individuals on Telegram not sure of the exact circumstances behind the identical. In keeping with CoinGecko, the Freeway token was buying and selling at $0.00110245, at press time.
In keeping with an announcement made by the platform, it has determined to diversify the varieties of property it holds. The aim of the motion, it claimed, is to “management publicity to future market adjustments and volatility, assuring the Freeway ecosystem’s long-term viability and profitability.”
Annual rewards on so-called “Superchargers”
Freeway advertises as much as 43% annual incentives on purported “Superchargers” that settle for each fiat and cryptocurrency funds. Customers put cash into their accounts and purchase Superchargers, which give yield. The proceeds from the sale of those merchandise can then be acquired. Nevertheless, Freeway said in its announcement that “till our new techniques are put into apply, we is not going to be buying Supercharger simulators.”
The agency said,
“As all of you may be conscious, there was unprecedented volatility in International Trade and Cryptocurrency markets in latest occasions. Freeway has subsequently determined to diversify its asset base to handle publicity to future market fluctuations and volatility guaranteeing the long-term sustainability and profitability of the Freeway Ecosystem.”
As all of you may be conscious, there was unprecedented volatility in International Trade and Cryptocurrency markets in latest occasions. pic.twitter.com/9aHsWbm1So
— Freeway (@FreewayFi) October 23, 2022
In keeping with crypto-sleuth “Fatman,” the staff’s names have additionally been deleted from their web site in “one other $100 million rug.” In reality, he had additionally referred to the web site as a Ponzi scheme and beneficial customers withdraw their funds on 22 October, earlier than the Freeway announcement.
Native token down considerably
Over the past 24 hours or so, the platform’s native coin, FWT, has fallen by greater than 80%. Earlier than the service interruption, the value of FWT was roughly $0.007. On Monday morning, it fell to $0.001 and hasn’t but recovered from that low. It fell by about 87%. From its all-time excessive of $0.031 in Could 2021, FWT is presently mired 96% beneath. Its market capitalization is now solely round $8.5 million.
Co-CEO Graham Doggart appeared to be unreachable at press time, with no response but from him.
In keeping with one consumer, “I can’t promote my supercharger and obtain my monies bc FREEWAY is “quickly” not buying again the superchargers they offered me.” Evidently, this sparked a dialog on the enterprise’s Telegram channel.
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