Staking platform Freeway has frozen the ability of customers to withdraw blocked funds and has removed the mention of team members on the site.
Analyst FatMan has suggested the project could possibly be a rug pull.
The platform management has explained the decision by the volatility of fiat currencies and digital assets.
Over the past 24 hours, the project’s own token, FWT, has fallen by 72.6%.
The cumulative losses of the Web3 ecosystem from hacks and fraud amounted to $428.7 million in Q3 2022, according to Immunefi. Nine scams, including rug pull, accounted for $29.8 million.
