The Freeway Ponzi scheme has collapsed.
The admins operating the rip-off have cashed out, plunging FWT token off a cliff.
Freeway launched as Aubit again in 2017. The primary iteration flopped however was rebooted as a crypto Ponzi in early 2021.
Aubit rebranded as Freeway earlier this 12 months.
Aubit/Freeway is owned by Mark Kearns, Sadie Hutton and Graham Doggart.
Following Freeway’s collapse roughly 12 hours in the past, the next discover was revealed on its web site:
Freeway has subsequently determined to diversify its asset base to handle publicity to future market fluctuations and volatility making certain the long run sustainability and profitability of the Freeway Ecosystem. This may permit Freeway to take care of the very best stage of Supercharger simulation rewards.
We “diversified” invested funds into our financial institution accounts and cashed out.
Whereas this course of is ongoing, Freeway shall be allocating capital to its underlying portfolio and this implies for a short lived time we is not going to be shopping for Supercharger simulations till our new methods are applied.
We disabled monopoly cash returns.
We’ll notify you after we are able to recommence partial Supercharger simulation purchases (buy-backs) after which once more as we are able to recommence full Supercharger simulation purchases in addition to on platform Freeway Token (FWT) Deposits and Buys.
We disabled new funding. Buh-bye.
As BehindMLM understands it, Freeway’s official Telegram group has been closed. Freeway’s official Twitter profile remains to be up however has been locked down.
Kearns, Hutton and Doggart are believed to be UK nationals. As Aubit and Freeway executives, the trio represented that they had relocated to Malta.
Aubit and Freeway are integrated as shell firms in varied dodgy jurisdictions.
Freeway’s collapse was preceded by a purported “hack” in July 2022. This noticed the Ponzi scheme reboot with a brand new sensible contract.
In a latest October fifteenth advertising and marketing video, celebrating “optimistic development”.
Within the video, co-owner Sadie Hutton boasted a million had been invested into Freeway throughout the primary week of October.
The remainder of the video covers the involvement of Joel Kruger, who mockingly was introduced on to supervise and launch “earn and defend”.
Kruger admits to be a Freeway insider who’s been “advising the challenge for the reason that very early days”.
Based mostly on SimilarWeb web site visitors evaluation, nearly all of Freeway victims are believed to be from Canada, South Africa and the UK.
Freeway individually solicited funding from US residents by “freewaylite.us”. Visitors to that area elevated to over 20,000 in September 2022, 97% of which is attributed to US residents.
Pending a regulatory investigation, of which there’s no indication one exists, whole Aubit sufferer numbers and losses are unknown.
Presumably based mostly on Freeway’s smart-contract steadiness and transaction historical past, losses are estimated to run at over $100 million.