Freeway Stopped All Withdrawals, Suspected To Rug Pull

Cryptocurrency investment platform Freeway announced on Sunday that it will cease all withdrawals on the platform. Researcher Terra FatMan says the names of all the platform’s team members have been removed from the site and a Rug pull is suspected, involving $100 million.

Late on October 23, crypto investment platform Freeway halted all withdrawals from the platform amid “market volatility“.

Freeway claims to offer up to 43% annual rewards on so-called “Superchargers” denominated in crypto and fiat currencies. Users deposit funds and purchase Superchargers, which generate yield. These products can then be sold back and the funds returned back. However, Freeway said in its statement that “we will not be buying Supercharger simulations until our new strategies are implemented.”

Researcher Terra FatMan says the names of all the platform’s team members have been removed from the site and a Rug pull is suspected, involving $100 million.

Co-CEO Graham Doggart didn’t immediately respond to a request for comment via LinkedIn.

A discussion erupted on the company’s Telegram channel, with one user saying: “I can’t liquidate my supercharger and get my funds bc FREEWAY is ‘temporarily’ not buying back the superchargers they sold me.”

The token has dropped almost 80% in the past 24 hours and users on Telegram were unclear as to the exact nature of the situation. The Freeway token is trading at $0.001261.

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