Crypto Staking Platform Freeway Halts Withdrawals, Citing Market Volatility

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.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Sam Reynolds

Follow @thesamreynolds on Twitter

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.