James Atkins
Editor
Editor
Crypto investment platform Freeway halted services over the weekend, resulting in its FWT token losing 75% of its value.On Sunday, Crypto investment platform Freeway announced to its users that it has temporarily ceased operations. This news resulted in a decrease of more than 70% in value within 24 hours for the FWT token.
Freeway says that people can earn 43% rewards every year on things called “Superchargers.” This is given to people in digital money and a few regular currencies.
The platform permits users to invest and buy Superchargers, making revenue along the way. The income can be sold back, and the money given back to the user.
Nevertheless, Freeway says in an announcement that it would not be buying Supercharger simulations until its new policies are enacted.
The firm adds that;
“Due to the recent, large market swings in Foreign Exchange and Cryptocurrency, Freeway has decided to protect itself by diversifying its investments. This will help reduce risk from future volatility and ensure that the Freeway Ecosystem is profitable and lasts for a long time.”
Numerous messages have come into Freeway’s Telegram group since the announcement was made yesterday. A member of the group said they were unable to sell their Supercharger back to Freeway because purchases had been stopped temporarily. The platform responds that;
“We will let you know when we are ready to start buying back Supercharger simulations and when we can start buying them again. We will also let you know when we can start accepting Freeway Token deposits and buys.”
According to Coinmarketcap, FWT has decreased by 75% over the past day and is currently being traded at $0.001529. Its market capitalization is just above $15 million.
Though it is not confirmed, there is a possibility that Freewayis a scam platform. According to Chainalysis’ midyear report that was released recently, scams involving cryptocurrency have decreased while hacks and stolen funds; have increased within the industry.
The platform has not provided a clear answer as of yet. They have assured users that they are working on resolving the issues and will provide updates as they come. In the meantime, users are advised to refrain from depositing or buying FWT tokens.
Freeway is a platform for trading and exchanging cryptocurrencies, offering features such as margin trading and multiple language support.
Its native token FWT was launched in 2019 and saw a peak market value of $70 million in January 2020. However, the recent halt in services has caused its value to plummet to just $17 million.
The Freeway team has not made any public statements or announcements regarding the halt in services. Leaving investors and users concerned and unsure of what is happening with the project. It remains to be seen if and how Freeway will recover from this setback.
Will investors be wary of putting their money into new platforms? Only time will tell. In the meantime, it serves as a reminder to investors to always thoroughly research.
And assess the potential risks before investing in any cryptocurrency. it is important to always do thorough research before investing in any cryptocurrency project.
The abrupt halt in services from crypto platform Freeway and the resulting dip in its FWT token’s value serves as a reminder. Always be cautious and informed when investing in cryptocurrency projects.
As always, investors need to do their research before investing in any cryptocurrency project. Especially those with red flags such as sudden halts in service. Stay safe and happy trading!
Note: This article is not intended as financial advice. Please do your research and invest at your own risk.
I have been writing copy for blockchain-related projects since 2017. I understand the importance of being able to communicate clearly and effectively with both technical and non-technical audiences. By leveraging my understanding of the crypto industry trends, I can help increase adoption in this rapidly evolving landscape.
