Home » A Crypto Rewards Platform That Promised 40% APY Halts Withdrawals, Citing ‘Market Fluctuations’ – Bitcoin News

A Crypto Rewards Platform That Promised 40% APY Halts Withdrawals, Citing ‘Market Fluctuations’ – Bitcoin News

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A crypto rewards platform called Freeway.io has informed users that it has decided to reallocate capital to “manage its exposure to future market fluctuations and volatility.” Doing so would prevent users from withdrawing funds from the platform, and the Freeway team explained that the team could not comment further during the reassignment process.

Crypto Rewards Platform Freeway.io Suspends Withdrawals, Project Accused Of Ponzi Scheme

The crypto community is dealing with another rewards platform that has decided to suspend withdrawals amid a decision to reallocate funds. It issued a notice to its clients claiming that the foreign exchange (FX) and cryptocurrency markets were experiencing “unprecedented volatility.” To protect itself from volatility, it has decided to reallocate the company’s funds to ensure “the long-term sustainability and profitability of the Freeway ecosystem.”

Crypto rewards platform that promised 40% APY suspends withdrawals citing 'market volatility'
Freeway.io’s native cryptocurrency Freeway (FWT) fell more than 72% against the US dollar from Sunday evening to Monday morning (ET).

The Freeway crypto rewards platform has promised users up to 40% Annual Yield Yield (APY) on “Supercharger” accounts. Interestingly, just before the rewards platform issued a notice to customers on October 23, a cryptocurrency whistleblower known as “Fatman” warned clients to exit the rewards platform immediately.

“If anyone has money in Freeway, the cryptocurrency yield platform, I would advise them to exit immediately,” Fatman said. murmured October 22nd. The crypto whistleblower further added:

I think they are running a Ponzi scheme. In my opinion, Freeway could collapse in the next few months and all depositors lose everything.

Double Freeway Supporters

The Freeway team has not explained when the platform will be fully functional. According to Freeway’s web portal, his APY funds paid out to customers “are derived from a variety of arbitrage. [and] After Fatman tweeted, a Freeway backer called “Westcoast Life” wrote that he had spent more than 12 months validating the application’s legitimacy.

“Not Ponzi. I’ve spent over a year verifying this. Good luck fat man.” West Coast Life I have written to Fatman. The whistleblower said the individual’s “entire Freeway account bets he’s Ponzi.”west coast life decided bet.In addition, freeway supporters I was blocked Fatman following an announcement from Freeway. Said The person tweeted, “Well aged.”

After the announcement by the Freeway.io team, the platform’s native token Freeway (FWT) plunged over 72% against the US dollar. Crypto assets are currently down 95.3% from their all-time high recorded on May 16, 2021. Meanwhile, his Westcoast Life individual still seems to trust the Freeway.io system to be fine. Bitcoin.com News has emailed the Freeway crypto rewards company, but the newsdesk has yet to receive a response.*

16 hours ago he I have written: “We trust you guys, keep us updated.” criticized Twenty-four hours later, in response to the “not Ponzi” statement, West Coast Life responded: This is a reply to your comment. Another individual mocked her Westcoast Life comment, Said: “Less than 24 hours after enchantment, I saw it become rugged.”

*This is a developing story and Bitcoin.com News will update readers as more information becomes available.

Tags for this story

Orbit, crypto reward, crypto risk, Depositor, fat man, Fluctuation, highway, highway supporter, Freeway.io, freeway website, FTW supporter, Withdrawal stop, bankruptcy, Pause withdrawals, Ponzi, Ponzi scheme, dangerous, risky, Sturdy, volatility, west coast life, whistleblower, withdrawal

What do you think about Freeway.io stopping withdrawals and citing market volatility? Let us know your thoughts on the matter in the comments section below.

Jamie Redman

Jamie Redman is a news lead for Bitcoin.com News and a financial technology journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News about disruptive protocols currently emerging.

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