The company was going through a bad time because it had lost a lot of money. The tweet explained how the company planned to make up for its losses and where it was going in the future.
The UK-based cryptocurrency platform Freeway thanked its users for being patient during a “really difficult time,” referring to the recent drop in the platform’s value and the stoppage of withdrawals. The tweet also cleared up some questions about how the platform would work in the future.
Dear Freeway CommunityThank you for your patience during this really difficult time. We know you have all had questions about what has happened and what the next steps are going to be.1/22
— Freeway (@FreewayFi) October 25, 2022
Sunday, the company tweeted about how volatile the foreign exchange and cryptocurrency markets are and how the platform has stopped withdrawals because of this. After the news, the value of Freeway’s FWT token dropped by 74%.
In the most recent tweet, Freeway was trying to explain different things about the company. The company said that one of its marketing strategies had failed, which had led to a “substantial loss” that could be traced to an “unprecedented USD rally” and “crypto volatility.”
It is important to note that the company said that Ardu Prime Brokerage’s custody services and trade execution had nothing to do with the loss of the Freeway. It also said that Ardu is still a trusted service provider and that the failure was caused by a sudden rise in margin use.
Also, the Earn and Protect product beta strategy had been tested and helped the company recover from its losses to some extent.
Even though there had been a big hit to the company’s portfolio at first, the company reassured its members about the safety measures it had taken to protect the remaining funds. Freeway also said that company officials had been working on a number of different plans to get back on their feet.
Their plans for getting back on their feet include managing the money they still have, finding new ways to get money, and so on. They also plan to get Earn and Protect off the ground, with its user protections, “safeguarded by the AuBit Reserves Foundation”.
Freeway also said that its journey wouldn’t be easy, but that the help and cooperation of its members would help them get there faster. Also, the company said that there are still no answers to questions about “how long it will take.”
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