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Freeway Addresses Community Amid Market Loss, Outlines Recovery Plan

Freeway, a UK-based crypto platform, expresses gratitude to its community for their patience during recent market challenges and outlines its strategy to recover from significant losses.
Published on 2022-10-26

Freeway Addresses Community Amid Market Loss, Outlines Recovery Plan

Overview of the Situation

Freeway, a UK-based cryptocurrency platform, recently addressed its community to express gratitude for their patience during a challenging period marked by significant market volatility. The platform has faced substantial losses, leading to the halting of withdrawals and a sharp decline in the value of its FWT token, which plummeted by 74% following the announcement.

Causes of the Loss

The company acknowledged that the losses were partly due to a failed marketing strategy, exacerbated by an unprecedented rally in the US dollar and heightened cryptocurrency market volatility. However, Freeway emphasized that the custody services and trade execution provided by Ardu Prime Brokerage were not responsible for the loss. The primary issue stemmed from a sudden spike in margin utilization.

Recovery Plans and Strategies

Freeway has outlined several recovery plans aimed at restoring stability and regaining investor confidence. These include:

  • Managing and safeguarding the remaining funds with enhanced security measures.
  • Diversifying investments to reduce risk exposure.
  • Exploring new funding opportunities to strengthen financial resilience.
  • Launching the Earn and Protect product beta, which has already shown promise in mitigating losses. This product is supported by the AuBit Reserves Foundation, ensuring additional layers of user protection.

Future Outlook

While Freeway has assured its community that recovery plans are underway, the company cautioned that the journey ahead will not be without challenges. The exact timeline for full recovery remains uncertain, but officials are working diligently on independent strategies to restore the platform’s financial health. Freeway has called for continued support and cooperation from its members, emphasizing that their collective efforts will play a crucial role in achieving a swift recovery.

Conclusion

Freeway’s transparent communication and detailed recovery plan demonstrate its commitment to rebuilding trust and ensuring the platform’s long-term viability. While the road ahead is uncertain, the company remains focused on implementing robust strategies to navigate the current turmoil and secure a stable future for its users.

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