The cryptocurrency staking platform Freeway stated late Sunday that it has halted withdrawal services due to market instability, which sent its coin into a rapid slide.

In the hours following the announcement, the price of the Freeway (FWT) token has decreased by over 80%.

With a market cap of less than $70 million prior to the crash and $10 million presently at current trading levels, Freeway was not a noteworthy or well-known project.

According to a statistic posted on its website, Freeway claimed to have $160 million in total value locked.

According to on-chain data, the vast majority of the 4,342 largest token holders received them during an airdrop and were otherwise idle.

Using pricing information from right before Sunday's market meltdown, the largest whales on the platform lost slightly over $16,500.

According to Twitter user FatManTerra, the Freeway website administrator is in the process of removing team names from the page.