Cryptocurrency platform Freeway has suspended its Supercharger service until further notice, citing unprecedented volatility in the cryptocurrency market.
Previously, the company said that Supercharger allows investors to receive a reward of up to 43% per annum. Users could deposit fiat and cryptocurrencies, which were placed on regulated brokerage accounts and used to generate increased income. The company announced the end of operations on the platform on Sunday, adding that this is a temporary measure until the implementation of new strategies.
While this process is ongoing, Freeway will be allocating capital to its underlying portfolio and this means for a temporary time we will not be buying Supercharger simulations until our new strategies are implemented.
— Freeway (@FreewayFi) October 23, 2022
Specific information about Freeway’s new strategies, other than that the company plans to “diversify its asset base” and “manage exposure to future market fluctuations and volatility,” was not reported. A few hours after the announcement of the Freeway token (FWT) fell by about 75%.
In its history, Freeway has failed to become a significant or well-known project. The market capitalization of the company did not exceed $70 million, and after the announcement of the suspension of operations, it fell to $10 million altogether. It is noteworthy that according to Etherscan, most of the largest holders of FWT tokens received them during the distribution and were otherwise inactive.
User FatManTerra named the Freeway team by scammers and stated on Twitter that the project is in the process of deleting their website data.
Recently, the German cryptocurrency exchange Nuri announced the liquidation of its business after it was unable to raise additional funding to continue operations.
Source: Bits
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