Freeway DeFi Platform Suspends Services, FWT Price Drops By 80%

The anchors have been placed on the ecosystem of the decentralized finance (DeFi) platform Freeway, which has caused a sharp decline in the value of its native FWT coin.

The yield-generating DeFi platform declared on October 23 that it had stopped offering its services due to “extraordinary volatility in recent foreign exchange and cryptocurrency markets.”

FWT said that it has decided to diversify the types of assets it held. The purpose of the action, according to the statement, was to “control exposure to future market changes and volatility, assuring the FWT ecosystem’s long-term viability and profitability.”

Capital will be allocated to its portfolio throughout this procedure, resulting in the suspension of its “Supercharger” service.

Another DeFi rug pull? – Freeway

Freeway boasts that its “Superchargers,” or virtual simulations, may yield up to 43% APY. Both cryptocurrency and fiat can be used to pay for these. Freeway is willing to buy these yield-generating products, but the company just said that it won’t unless “our new initiatives are implemented.”

While we finish this procedure, we cannot comment more than this statement, FWT wrote as a pretty mysterious closing sentence.

The team’s names have also been removed from their website, according to crypto-sleuth “Fatman,” in what he called “another $100 million rug.”

In addition, he called the website a Ponzi scheme and advised people to take their money out on October 22 before the FWT announcement.

Time will tell if this is the newest cryptocurrency scam where the team steals customer money. The team’s move has reduced the value of Freeway’s native token.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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