- Crypto platform Freeway has halted some of its services.
- Freeway Superchargers provides incentives of up to 43% annually.
- Users have been sharing their worries on social media.
Freeway, a financial scheme where users purchase “Superchargers,” which are cryptocurrency “simulations,” appears to have taken the off-ramp.
The project informed its subscribers that it will be stopping its Supercharger program. This owes to “extraordinary volatility in Foreign Exchange and Cryptocurrency markets in recent years.” According to reports, the project stopped withdrawals on assets worth more than $100 million.
Concerningly, the firm also took down any references to its staff from its website. It also took down a statement attesting to the company’s financial stability.
Crypto researcher and whistleblower FatMan released a Twitter thread the day before the project. He announced the suspension advising users to withdraw money right now because he thought they were running a Ponzi scam.
Freeway will probably fail in the coming months, and all depositors will lose everything, in my opinion.- Fatman
According to Him, there are companies out there that can reliably beat the market like Renaissance Technologies & Alameda Research. Their capital is, however, always maxed out. They’re not able to take in an infinite amount of retail capital out of altruism as the Ponzis do.
Users have been sharing their worries on social media and in the Freeway Telegram channel. This is in the wake of other high-profile problems with cryptocurrency companies and exchanges.
The two most important questions are whether withdrawals will be fulfilled and whether Freeway will join other well-known cryptocurrency sites in closing permanently.
As of right now, there is just one Freeway moderator/admin who has been telling users to submit a support request. The moderator has stated that they can’t “actually say anything more until the next official messages are released.”
The moderator said, “The entire team is working really hard with the objective to resume partial Supercharger simulation purchases (buy-backs). He subsequently promised Freeway to again be able to resume full Supercharger simulation purchases.”
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