The musician was forced to cancel a performance with his band Frank Iero and the Patience in Sydney after he and members of his crew were allegedly rammed by a van while unloading equipment.
Frank, who was one of two people seriously injured, has been hospitalised, and his former bandmate has taken to Facebook to comment on the crash, which police are investigating as a crime, according to local news reports.
"I awoke to some very upsetting, sad, and serious news," Way wrote on Thursday (13Oct16). "Heartbroken. I know just as much as all of you but I hope the continued outpouring of love, well wishes, and support help.
"Make sure to hug the ones you care about. Sending all my love to Frank and the boys."
The guitarist has also taken to social media to assure fans he's OK after the crash, tweeting: "Hi friends, thanks all for the well wishes. We're pretty banged up but miraculously alive and in stable condition. I'm still in a state of shock."