Withdrawals Halted by Staking Platform

Withdrawals Halted by Staking Platform

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Mike
Mike

An editor at Coincrop


31 Oct 2022 | 2 min read
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reeway, a crypto staking platform that had once promised users annual awards of up to 43%, has halted withdrawals and taken its team off the site. The decision was made due to market volatility.

Freeway, a cryptocurrency staking platform, announced on Sunday that it was suspending withdrawal services due to volatility in the crypto and forex markets. This news caused the Freeway token to plummet in value, with the market cap falling from $70 million to around $10 million at current prices.

Freeway was not a major or well-known project before this incident, but its impact has been significant nonetheless.

Since announcing that it had $160 million in total value locked, Freeway's FWL token has decreased by about 80%.

The data collected suggests that most of the largest token holders had received it through an airdrop and were inactive prior. Based on pricing information from before this past Sunday's market crash, these whales lost just over $16,500.


Mike

Mike

An editor at Coincrop
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Mike is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely putting his latest car project back together.


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