{"id":38141,"date":"2022-10-24T13:18:03","date_gmt":"2022-10-24T17:18:03","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=38141"},"modified":"2022-10-24T13:18:05","modified_gmt":"2022-10-24T17:18:05","slug":"freeway-halts-crypto-withdrawals-erases-execs","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/freeway-halts-crypto-withdrawals-erases-execs\/","title":{"rendered":"Freeway Halts Crypto Withdrawals, Erases Execs"},"content":{"rendered":"\n
The UK-based cryptocurrency platform Freeway, which gave users up to 43% returns through so-called “Supercharger simulations<\/a>,” has been called a “$100m+ rug” after it stopped all withdrawals and took off its website information about its executives.<\/h5>\n\n\n\n
\"Freeway
Freeway Halts Crypto Withdrawals, Erases Execs<\/figcaption><\/figure>\n\n\n\n

The website says that the assets<\/a> of these Supercharger simulations are worth more than $161 million. Freeway users buy Superchargers in order to get rewards, and they were supposed to be able to cash them out through a buy-back system that was shut down yesterday.<\/p>\n\n\n\n

Freeway said it was taking these steps because of “unprecedented volatility in Foreign Exchange and Cryptocurrency markets<\/a> in recent times.” It did this on Twitter and through a pop-up on its website. The message says that Freeway will “allocate capital to its underlying portfolio” to keep yields up and that buybacks will not be honored “for a temporary time.” It also says that an update will be coming soon.<\/p>\n\n\n\n

On Saturday, an anonymous Twitter account called FatManTerra sent out a warning. Since the Luna\/UST collapse in May, FatManTerra has gained over 100,000 followers.<\/p>\n\n\n\n

\n

If anyone has funds in crypto yield platform Freeway, I would suggest withdrawing right away. I believe they are operating a Ponzi scheme. In my opinion, it's likely that Freeway will collapse within the next few months and that all depositors will lose everything.<\/p>— FatMan (@FatManTerra) October 22, 2022\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a><\/blockquote>

There may have been a bank<\/a> run because of rumors about delays in large withdrawals. Freeway's announcement that the buy-back was suspended came less than 24 hours after FatManTerra said it would in the “next few months.”<\/p>\n\n\n\n

After the official announcement, the website was said to have taken down the profiles of the team members.<\/p>\n\n\n\n

The news has not been well received by the market. In the last 24 hours, the platform's own token, FWT, has dropped by more than 75%.<\/p>\n\n\n\n

There are a lot of similarities between this event and the collapse of Celsius<\/a> in June.<\/p>\n\n\n\n

At one point, it was thought that users' funds totaled more than $28 billion. Celsius stopped user withdrawals the day after former CEO Alex Mashinsky called concerns “FUD and misinformation,” even though millions had been taken out in the weeks before. After a month, the business filed for Chapter 11 bankruptcy.<\/p>\n","protected":false},"excerpt":{"rendered":"

The UK-based cryptocurrency platform Freeway, which gave users up to 43% returns through so-called “Supercharger simulations,” has been called a “$100m+ rug” after it stopped all withdrawals and took off its website information about its executives. The website says that the assets of these Supercharger simulations are worth more than $161 million. Freeway users buy […]<\/p>\n","protected":false},"author":39,"featured_media":38144,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[135,4869,11931],"class_list":["post-38141","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto-trading","tag-foreign-exchange","tag-freeway"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/10\/image-132.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/38141","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=38141"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/38141\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/38144"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=38141"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=38141"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=38141"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}