FWT Price Drops 80% as Freeway DeFi Platform Suspends Services

Decentralized finance (DeFi) platform Freeway has anchored its ecosystem, causing a massive drop in value to its native FWT token.

On October 23, the yield-generating DeFi platform announced that it had suspended its services, citing “unprecedented volatility in the foreign exchange and cryptocurrency markets in recent days.”

Freeway said it has decided to diversify its asset base. The move was “to ensure the long-term stability and profitability of the freeway ecosystem to manage the risk of future market volatility and volatility”.

During the process, capital will be allocated to its portfolio, which means the suspension of its “Supercharger” service.

Another DeFi rug bridge?

Freeway anticipates earning up to 43% APY on its ‘Superchargers’ or virtual simulations. Users can buy these in crypto or fiat. These produce-producing products can be sold back to Freeway, but the firm has just announced that it will not buy them “until our new strategies are implemented”.

Freeway left this rather cryptic comment to end his statement “While we go through this process, we cannot comment further than this statement.”

Crypto sleuth ‘Fatman’ revealed that team names have also been erased from his website, in what he said could be “another $100 million rug”.

He also labeled the platform Ponzi and warned users to withdraw their funds on October 22 before the announcement of Freeway.

Time will tell if this is the latest crypto rug bridges the team with users’ funds. What the team has done with their action is the devaluation of Freeway’s native token.

FWT Price Tank

The platform’s native token, FWT, is down more than 80% in the past 12 hours. Before the service suspension, FWT was trading at around $0.007. It fell nearly 87% to $0.001 on Monday morning and has yet to recover from that low.

FWT/USD 24 Hours – CoinGecko

FWT is now down 96% from its May 2021 all-time high of $0.031. Its market cap has dropped to $8.5 million.


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