This is INSANE for a “Restored” Krate, and looks like the powder is heavy looking at the serial number.
I had one as a little kid, I traded an older kid in the neighborhood for it, he took it apart and lost interest in it when he got his license. I rebuilt it and it rode great, not bad for a single digit aged kid
https://bringatrailer.com/listing/1970-schwinn-sting-ray-2/