UK-based crypto platform Freeway, which promised annual returns of up to an ambitious 43%, blocked withdrawals on Sunday, according to the company website, causing utter chaos.
Freeway’s native cryptocurrency, FWT, tanked a brutal 74% following the announcement and Freeway’s website now appears to be removing executive photos and names. The platform’s users are rightfully upset, saying that they’re unable to access their accounts.
A note on Freeway’s website gave confusing reasoning as to why users could no longer access their money, stating, “Freeway has therefore decided to diversify its asset base to manage exposure to future market fluctuations and volatility ensuring the long-term sustainability and profitability of the Freeway Ecosystem. This will allow Freeway to maintain the highest level of Supercharger simulation rewards.”
The déjà vu is all too real, reminding many crypto users of what happened with Celsius after it announced halting withdrawals back in June. Celsius’ CEO also withdrew $10 million before bankruptcy, triggering a series of failures in the industry.
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