Crypto platform Freeway halts services citing ‘unprecedented volatility’

cryptocurrency platform Freeway has halted transactions and services related to their “Supercharger” high-yield product until further notice.

Crypto platform Freeway has halted some of its services, citing “unprecedented volatility” in the foreign exchange and cryptocurrency markets “lately.”

In an Oct. 23 post, the platform announced they are halting purchases, deposits and will “not be purchasing Supercharger reenactments until our new strategies are implemented.”

According to the Freeway website, their “Superchargers” product can offer up to 43% annual yield rewards. Users can deposit fiat currencies and crypto, which are placed in regulated brokerage accounts which are leveraged for returns.

A centralized platform ,Freeway advertises itself as joining the best of traditional finance with the best of decentralized finance (DeFi).

Freeway has not provided any specific details regarding what its new procedures could include, however said in the declaration there are plans to “diversify its asset base” and “manage exposure to future market fluctuations and volatility.”

What exactly this could mean for the platform and its users and is unclear, however the post closes by promising to provide updates soon.

“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.”

Cointelegraph contacted Freeway for comment on the status of its withdrawals and for further clarification about the halt of services but was not given any new information. 

The news about halting a few has seen their (FWT) drop over 75% as of now, as indicated by Coingecko.

Directly following other high-profile issues with crypto firms and trades, users have been expressing their concerns on social media and in the Freeway Telegram group.

Whether withdrawals will be respected and in the event Freeway that will high-profile crypto platforms in long-lasting conclusion are the two generally unmistakable.

So far a lone Freeway moderator mediator/administrator has been advising users to finish up a help ticket and revealed they can’t “truly say much else until the following official communications are forthcoming.”

“The entire team are working very hard with the intention to recommence halfway Supercharger reenactment buys (purchase backs) and afterward to again have the option to recommence full Supercharger simulation buys,” the moderator added.