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Crypto winter causes crypto exchange to temporarily halt withdrawals

Crypto winter causes crypto exchange to temporarily halt withdrawals

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Answer Crypto winter causes crypto exchange to temporarily halt withdrawals

The current bear market has shaken the cryptocurrency industry to the core.

The latest casualty of the recent crypto winter is a lesser known cryptocurrency exchange called Freeway.

Freeway decided to diversify its asset base to manage exposure to market risks and future volatility and to ensure long-term sustainability and profitability, which made the platform go another way of awarding rewards through the platform’s FWT cryptocurrency stake.

But things did not go as desired by the platform management and the price of the digital currency, FWT, collapsed by more than 77% with the market value falling to less than 16 million dollars after the recent drop.

According Nicknamed “FatMan” on Twitter, the site’s administrators are currently removing the names of the main team members behind the staking rig.

Read:Hackers take advantage of website writing errors to steal cryptocurrency

He also told that although the team members are there and real, some of their bios/descriptions are very flowery.

Just two days ago, FatMan claimed that Freeway might be a Ponzi scheme and predicted an imminent collapse within the next few months.

Market experts predict that the current turmoil in the crypto market will eliminate excess, leverage, risk mismanagement and fraudulent entities.

The bear market already wiped out several projects, including Three Arrows Capital (3AC), Celsius and Voyager Digital, in the third quarter of this year following the collapse of Terra.

Read:Bitcoin Restores $19K Level, Altcoins Bounce Again…How Far Can It Go Up?

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