- Freeway tweeted addressing the community members and expressing gratitude for their patience during market plunge.
- The company had been moving through a worse time as it had huge losses.
- The tweet provided explanations regarding the company’s plan to recover from the losses and its future journey.
The UK-based crypto platform Freeway expressed its gratitude, addressing their community, for showing patience during the “really difficult time”, referring to the platform’s recent plummet and halting of withdrawals. The tweet also answered various doubts regarding the further procedures of the platform.
On Sunday, the company tweeted regarding the volatility of foreign exchange and cryptocurrency markets, and the platform’s decision to halt withdrawals. Following the announcement, Freeway’s FWT token plummeted by 74%.
In the recent tweet, Freeway had been trying to provide explanations regarding different aspects of the company. The company admitted that there had been a failure in one of the marketing strategies and that had caused a “substantial loss”, which could be identified as the result of an “unprecedented USD rally” and “crypto volatility”.
It is noteworthy that the company assured that the custody services and trade execution carried out by the Ardu Prime Brokerage were not at all responsible for the loss of the Freeway. It added that Ardu continues to be a trusted service provider and it was only the sudden spike in margin utilization that caused the failure.
In addition, the strategy set up in the Earn and Protect product beta had been verified and had helped to an extent in recovering from the losses of the company.
Finally, the company provided assurance to its members regarding the safety measures taken for securing the remaining fund, though there had been initially a huge negative impact on the company’s portfolio. Freeway added that the company officials had been working behind several recovery plans, each of which is independent.
Their recovery plans include the management of the remaining fund, diversification strategies, new funding plans, etc. They also plan to get Earn and Protect off the ground, with its user protections, “safeguarded by the AuBit Reserves Foundation”.
Furthermore, Freeway revealed that its journey wouldn’t be smooth and added that the support and cooperation from its members would add to their sooner accomplishment. To add, the company proclaimed that questions regarding the “length of the time involved” are still unanswerable.
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