Crypto Staking Platform Freeway Halts Withdrawals, Citing Market Volatility
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.