Withdrawals Halted by Staking Platform
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An editor at Coincrop
31 Oct 2022 | 2 min read
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.
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