Crypto yield platform Freeway (FWT) has finally come up with a recovery plan to stay afloat during the crypto bear market.
The platform had earlier halted some of its services, citing "unprecedented market volatility."
Apart from Freeway, several leading crypto lending firms and platforms have succumbed to the bear market onslaught this year, including the Celsius Network, Voyager Digital, and Terra Luna.
Freeway (FWT) introduces recovery plan to investors
On October 26, yield strategy platform, Freeway (FWT), announced its decision to halt some of its services due to market volatility.
The company later uploaded a comprehensive Twitter thread explaining the reasons behind its decision to suspend crypto services, explaining that its "trading strategies appeared to have failed."
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The platform blamed the unprecedented rally of the US dollar and crypto volatility as the reasons that caused Freeway to pause some of its cryptocurrency services with immediate effect.
However, Freeway was quick to forge a recovery plan to try and revive its platform.
The company claims to have hired third-party advisors to help Freeway manoeuvre through its current crisis. Apart from that, Freeway is also planning to manage and grow existing funds as part of its recovery plan.
The platform announced how it's currently in the process of managing and growing its fund with the help of an "experienced governance team."
In addition, Freeway will also be emphasising a "diversification strategy," which, according to the company, is already "showing a lot of positive potential."
The third recovery plan includes the deployment of major new funding "in a totally new product with impressive projected profitability."
Lastly, Freeway shared how its fourth recovery plan revolves around getting its Earn and Project "off the ground," which will be safeguarded via Aubit Reserves Foundation.
With multiple recovery plans in place, Freeway hopes to regain its momentum and earn investors' trust, despite warnings from crypto investigators who claim Freeway (FWT) isn't to be trusted.
Bear market victims
2022 was particularly harsh for several crypto companies, including Voyager Digital and Celsius Network, which had recently declared bankruptcy due to sudden market fluctuations and mismanagement.
The Luna crypto meltdown was dubbed one of the worst crypto crashes in history and triggered a contagion effect in the overall crypto market.
The crash was dubbed detrimental for the entire crypto sector, which led the industry to record an 80% decline in all DeFi projects associated with Terra's stablecoin UST.
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