$160 Million Rug Pull? – Crypto Staking Platform Freeway Halts Withdrawals Citing ‘Unprecedented Volatility’
UK-based crypto platform Freeway halted withdrawals on Sunday due to, as they claim, never-before-seen levels of volatility - but some argue that this is in fact a rug-pull.
"Has anyone been able to withdraw over the recent days," members have been asking in Freeway's Telegram channel, with many replaying that they have not - and that they made attempts even before the notice by Freeway was published.
Per a notice currently popping up on Freeway's website and which is shared on Twitter,
"As all of you will be aware, there has been unprecedented volatility in Foreign Exchange and Cryptocurrency markets in recent times. Freeway has therefore decided to diversify its asset base to manage exposure to future market fluctuations and volatility ensuring the long term sustainability and profitability of the Freeway Ecosystem."
They claim that this will allow Freeway to "maintain the highest level of Supercharger simulation rewards."
The project promises its users annual rewards of up to 43% with its Supercharger product. It says that Freeway Superchargers are "virtual simulations of popular crypto and fiat currencies" and can only be used within the Freeway platform.
The 'Risk Warning' page states that,
"Virtual simulation tokens are closed-loop tokens existing only within the Freeway Platform, they cannot be traded on a secondary market, are not obligated to be redeemed or exchanged by Freeway and create no financial entitlements."
The notice further said that, while the above-stated process is ongoing, Freeway would be allocating capital to its underlying portfolio and that, "for a temporary time" and "until our new strategies are implemented", it will not be buying Supercharger simulations.
It is unclear what these new strategies
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