A detailed prognosis for the injury is expected to be released over the next week.
"The whole situation is hard on us as Lloyd Wallace was part of a combined training group with the Swiss Ski team. Our thoughts are with Lloyd and his family," Head of Freestyle Swiss Ski Christoph Perreten said.
Wallace's winter sports compatriots sent their support to the 2015 Junior World Championships Bronze medallist.
"Our thoughts and sympathy go to him and his family at the moment as he tries to recover from what sounds like a pretty bad accident in training...," Mike Hay, Team GB chef de mission for the Pyeongchang Games, told reporters on Friday.
"We know what we do is really dangerous and it's kind of one of those things that we try not to talk about. When it does, it's super unfortunate. Our best wishes go out to him," British Olympic snowboarder Billy Morgan said.
(Reporting by Aditi Prakash in Bengaluru; Editing by Alison Williams)
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