Freeway, Crypto Platform That Promised 43% Returns, Halts Withdrawals

Freeway, a UK-based crypto platform that promised annual returns up to a mind-boggling 43%, halted withdrawals on Sunday, according to a notice published to the company's website. Freeway's native cryptocurrency, which goes by the ticker FWT, plummeted 74% following the announcement and, to top it all off, the Freeway website appears to be scrubbing the names and photos of some executives. From a report: Upset users have taken to the community Telegram channel for Freeway, expressing frustration that they can't access their accounts. People who told friends and family members to invest in the platform seemed the most angry, based on comments viewed by Gizmodo early Monday. The news, first reported by the crypto-watcher Twitter account FatManTerra, comes in the wake of other high-profile collapses in the crypto space this year, including Celsius, which has filed for bankruptcy. FatManTerra tweeted on Saturday that they believed Freeway was a Ponzi scheme which would likely collapse by this time next year. Well, apparently we didn't have to wait a whole year for things to collapse. It seems to have happened in just a day, as Freeway's website includes a varied assortment of confusing terms to explain that users can no longer access their money. And it sounds a lot like what Celsius said after it announced it was halting withdrawals back in June.

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