Crypto platform Freeway shuts down services citing 'unprecedented volatility'

Cryptocurrency platform Freeway has halted transactions and services related to its high-yielding product "Supercharger" until new order.

Crypto platform Freeway has halted some of its services, citing "unprecedented volatility" in the forex and cryptocurrency markets in "recent times".

In an October 23 post, the platform announced that it was halting purchases and deposits and that it "would not purchase Supercharger simulations until our new strategies are implemented" .

According to the Freeway website, their Superchargers product can offer up to 43% annual performance rewards. Users can deposit fiat and crypto currencies, which are placed in regulated brokerage accounts that are mined for returns.

A centralized platform, Freeway presents itself as combining the best of traditional finance with the best of decentralized finance (DeFi).

As you all know, there has been unprecedented volatility in the forex and cryptocurrency markets lately. pic.twitter.com/9aHsWbm1So

Freeway didn't provide specific details on what its new strategies might entail, but said in the announcement that it plans to "diversify its asset base" and "manage exposure to fluctuations and future market volatility".

Exactly what this might mean for the platform and its users is unclear, but the post ends by promising to provide updates soon.

"We will notify you when we are ready to restart partial Supercharger simulation purchases (redemptions) and then again as we can restart full Supercharger simulation purchases as well as deposits and purchases on the platform Freeway Token (FWT)."< /p>

Cointelegraph has reached out to Freeway for comment on the status of its withdrawals and for clarification on the service shutdown, but has not received any new information.

The news about some services being shut down has seen their Freeway Token (FWT) drop over 75% in the last 24 hours,