Crypto Staking Platform Freeway Halts Withdrawals, Citing Market Volatility

Markets

Freeway, a crypto staking platform, announced late Sunday that it had paused withdrawal services, citing volatility in the crypto and forex markets and sending its token into a free-fall.

  • The Freeway (FWT) token is down roughly 80% in the hours since the announcement.
  • Freeway was not a significant or well-known project, with a market cap of less than $70 million before the crash and now $10 million at current trading prices.
  • Freeway claimed it had $160 million in total value locked via a figure published on its website.
  • On-chain data suggests that the majority of the largest of the 4,342 token holders received it during an airdrop and were otherwise idle.
  • The largest whales on the platform lost just over $16,500, using pricing data from just before Sunday's market crash.
  • As noted by Twitter personality FatManTerra, the administrator of the Freeway website is in the process of deleting team names from the page.

Related news

Markets
May. 10, 2024

Bitcoin's Modest Rally Cut Short, Price Tumbles Back Below $61K

The price of bitcoin {{BTC}} fell sharply in the U.S. morning hours Friday, reversing a move that had seen the world's largest crypto climb as high as $63,500. As good of an excuse as any for catalysts were disappointing U.S. economic data and h...
Markets
May. 10, 2024

TON, RNDR Surge More Than 13% as Bitcoin Rebounds to $63K

TON, RNDR have rallied over 13% in 24 hours, leading crypto markets higher. RNDR cheers Apple's brief mention of Render-powered 3D design software Octane. Alternative cryptocurrencies with positive news flows are shining bright as the bitcoin...