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Crypto Staking Platform Freeway Halts Withdrawals, Citing Market Volatility
The small-cap platform that promised users up to 43% in annual awards puts the brakes on withdrawals and scrubs its team from the site.
Freeway, a crypto staking platform, announced late Sunday 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.
Sam Reynolds
Sam Reynolds is a senior reporter based in Asia. Sam was part of the CoinDesk team that won the 2023 Gerald Loeb award in the breaking news category for coverage of FTX's collapse. Prior to CoinDesk, he was a reporter with Blockworks and a semiconductor analyst with IDC.
