Freeway staking platform halts withdrawals

Freeway’s staking platform froze withdrawals of blocked funds and removed from the site any mention of team members.

Two hours ago, Freeway halted all platform withdrawals. They also wiped the names of all team members from their website. It looks like it’s over. Another $100m+ rug. https://t.co/CUHZRygRGM pic.twitter.com/BJE4QMtkPy

— FatMan (@FatManTerra) October 23, 2022

An analyst going by the handle FatMan suggested that this is a rug pull.

The platform’s management attributed the decision to volatility in fiat currencies and digital assets.

Over the last 24 hours, the project’s native token — FWT — tumbled 72.6%. Its market cap fell to $11.25 million.

According to Immunefi, in the third quarter of 2022 the ecosystem’s losses from hacks and fraud amounted to $428.7 million, Web3; nine scam cases, including rug pulls, accounting for $29.8 million.

In June, the staking platform Finblox reduced withdrawal limits for verified users amid issues with the hedge fund Three Arrows Capital.

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