Crypto Staking Platform Freeway Halts Withdrawals, Citing Market Volatility

The small-cap platform that promised users up to 43% in annual awards puts the brakes on withdrawals and scrubs its team from the site.

AccessTimeIconOct 24, 2022 at 2:30 a.m. UTC
Updated Oct 24, 2022 at 3:17 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

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.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


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.