Crypto Platform Freeway Says Its Services Will End, As Its Token Takes A Fall

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Last Updated on October 24, 2022 by Bitfinsider

Freeway, a cryptocurrency investing platform, stopped operating on Sunday, which caused a sharp drop in the value of its internal token.

In the last 24 hours, the token’s price has fallen by more than 80%, and people 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 put money into their accounts and buy Superchargers, which provide yield. The proceeds from the sale of these products can then be received. However, Freeway stated in its announcement that “we will not be buying Supercharger simulations until our new strategies are implemented.”

“As all of you will be aware, there has been unprecedented volatility in Foreign Exchange and Cryptocurrency markets in recent times,” the company said in statement. “Freeway has therefore decided to diversify its asset base to manage exposure to future market fluctuations and volatility ensuring the long term sustainability and profitability of the Freeway Ecosystem.”

One user posted on the company’s Telegram channel: “I can’t liquidate my supercharger and get my funds bc FREEWAY is ‘temporarily’ not buying back the superchargers they sold me.”

To that, Freeway replied: “We will notify you when we are ready to recommence partial Supercharger simulation purchases (buy-backs) and then again as we can recommence full Supercharger simulation purchases as well as on platform Freeway Token (FWT) Deposits and Buys.”

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