Crypto, Freeway FWT token

July 17, 2022 | Crypto, Freeway FWT token

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Freeway Exchange OÜ with registration number 16059298 address Pärnu mnt 139c/2, Kesklinna linnaosa, Tallinn, Harju maakond, 11317, Estonia, is a licensed virtual currency exchange with license number FVT000385.

Freeway does not offer financial products. Freeway Superchargers are virtual simulations and can only be used within the Freeway platform. Rewards are issued on a best efforts basis and may change or cease at any time. Rewards are added to your account balance daily in the same denomination as the Supercharger simulation purchased.

It was made aware earlier this week of the abrupt and significant price volatility of its native utility token, FWT. After investigation, it became clear this volatility was caused by an exploit of Freeway’s blockchain bridge service provider for the non-US platform, COFFE. A large number of FWT tokens were removed from COFFE’s bridging wallet and were subsequently sold. COFFE blockchain is developing the infrastructure for creating atomic swaps with other blockchains.

The swaps mechanism allows conducting transactions from one blockchain to another. When transferring a coin from some other blockchain to the COFFE blockchain, it remains on the swap wallet, which is managed by a smart contract. At that, the coin is issued in the COFFE blockchain, with the help of the same smart contract, and then is sent to the end recipient.

In the case of a reverse transaction from the COFFE blockchain to another blockchain, the coin is erased in the COFFE blockchain, and the coin remaining on the smart contract wallet is sent to the end recipient of the transaction. Generally speaking, the COFFE blockchain can include as many coins as there are on the swap wallet, no more and no less.
A user will be charged a smart contract swap fee for the use of swaps in the COFFE network and a fee for conducting a transaction in the corresponding network.

These tokens were created specifically for connecting other blockchains for the non-US platform and were never intended to be a part of the FWT circulating supply for the non-US platform. The remaining bridging tokens were swiftly transferred into a new wallet by Freeway.

In addition to providing assistance to any qualifying Freeway customers who may have been negatively impacted, Freeway is moving promptly to return the non-US circulating supply to pre-exploit levels. US customers shouldn't be impacted because they use closed-loop FWT. |

Next step

Although it doesn't apply to customers of the US platform, Freeway requested early this week that all trading of FWT be banned on external exchanges until our token redeployment, which we expect to finish in the next days. Buying FWT anywhere during this time is not advised.

The new FWT smart contracts have already been deployed.

Sources:

Freeway.io
Coffe.io
Etherscan ERC-20
Bscscan BEP-20

Disclaimer

I am not a professional advisor and therefore accept no responsibility for any damage suffered by following advice or following information in this blog. The information in this blog is for informational and educational purposes only. The trading of Bitcoins, alternative cryptocurrencies has potential rewards, and it also has potential risks involved. Trading may not be suitable for all people. There is no bank guarantee. You can lose your investment. Don't use money you can't afford to lose. Always do your own research first and seek professional advice if you need it. You understand that you are using any and all Information available on or through this blog at your own risk