The “Supercharger” high-yield product is no longer available for purchase on the cryptocurrency platform Freeway until further notice.
Freeway, a cryptocurrency platform, has suspended parts of its services due to “extraordinary volatility” in recent times in the foreign exchange and cryptocurrency markets.
The platform declared in a post on October 23 that it is stopping purchases and deposits and that it would “not be buying Supercharger simulations until our new strategies are implemented.”
The Freeway website states that its “Superchargers” product may reward customers with yearly yields of up to 43%. Users may fund regulated brokerage accounts with fiat and cryptocurrency deposits, which are then leveraged for returns.
Freeway, a centralised platform, claims to combine the finest aspects of conventional financial with decentralised finance (DeFi).
As all of you will be aware, there has been unprecedented volatility in Foreign Exchange and Cryptocurrency markets in recent times. pic.twitter.com/9aHsWbm1So
Despite saying in the statement that there are intentions to “diversify its asset base” and “manage exposure to future market fluctuations and volatility,” Freeway has not given any specifics about what its new strategy may include.
The article ends by promising to deliver details shortly, however it is unclear precisely what this may entail for the site and its users.
“We will notify you when we are ready to recommence partial Supercharger simulation purchases (buy-backs) and then again as we can recommence full Supercharger simulation purchases as well as on platform Freeway Token (FWT) Deposits and Buys.”
According to Coingecko, the announcement regarding the suspension of various services has caused the price of their token Freeway (FWT) to plunge by more than 75% during the last 24 hours.
Users have been sharing their worries on social media and in the Freeway Telegram channel in the wake of other high-profile problems with cryptocurrency companies and exchanges.
The two most important questions are whether withdrawals will be fulfilled and if Freeway will join other well-known cryptocurrency sites in closing permanently.
As of right now, there is just one Freeway moderator/admin who is asking users to submit a support request and who said they are unable to “really say anything more until the next official communications are forthcoming.”
The moderator said, “The whole team are working very hard with the intention to recommence partial Supercharger simulation purchases (buy-backs) and then to again be able to recommence full Supercharger simulation purchases.”
