Frode Jorgensen’s Daxio Ponzi scheme has collapsed.
Communications dating back to October 2022 reveal investor withdrawals are “in limbo”. And as of December 12th, Jorgensen is still stalling.
BehindMLM readers began reporting Daxio withdrawal problems in September 2022.
Jorgensen acknowledged the problem in an October 15th announcement:
Site might be taken offline multiple times in the coming week, starting on MONDAY 17th October for updates.
We will try to do it as swiftly as we can and in steps so that the site will be functional during the process.
We have almost completed everything that you all are waiting for and will start rolling out updates one at a time.
NFT Shop page have been updated already and Minting will start once final updates are rolled out.
This means that WITHDRAWALS WILL NO LONGER BE IN LIMBO!
In an attempt to broaden Daxio’s Ponzi appeal, an NFT metaverse grift was added in August 2022.
As of November 9th, Daxio’s website and withdrawals remained disabled.
The work with the NFT Shop & Swapping is completed and we will be opening the website shortly.
This coincided with Daxio disabling ethereum investment and only accepting SDAX.
SDAX, along with GDAX, are shit tokens Daxio created as part of its metaverse NFT grift.
In a November 11th update, Jorgensen confirmed again that Daxio withdrawals weren’t functional.
Because things have been taking longer than we were told (and expected) but most importantly, to help our members to keep their wheels turning and not get stuck in limbo, we decided to enable Value Vouchers UNTIL the instant withdrawal is 100% functional.
We still expect the Instant Withdraw to come within few days and we will still do manual withdraw as usual until its [sic] live. Once its [sic] live we will again disable value vouchers with Daxio Wallet.
Despite withdrawals still being disabled, Jorgensen went on to announce new $500 “Node License” investment positions.
Jorgensen’s next update regarding Daxio withdrawals is dated December 2nd;
We are getting close to the release of Instant Withdraw and will roll this out immediately without notice when its [sic] ready.
You must cancel your pending withdraw yourself to be able to use it once its [sic] live.
On December 22nd Jorgensen held a Daxio Corporate Call.
[1:30] It’s been some really really difficult months, not just for us here at management, but also for you members that have been waiting for your withdrawal patiently.
Some of you have been very patient, some of you have not been so patient. But it is what it is … and hopefully now it’s all in place and it’s starting to be ready to be rolled out.
Daxio goes on to infer that the 2022 “crypto winter” is to blame for Daxio’s collapse.
[3:18] It’s been tough for us because we have been affected by it a little bit.
Not so much but a little bit when it came to LUNA and the stable coin that they had. We were not affected by the FTX crash in any other way than everybody else was affected by it. And the market going down a lot, you know?
It’s affecting everything and it’s all interconnected. So it’s not just Daxio that has had a tough time, it’s everywhere you know. The market is super tough everywhere.
Inflation is super high, we have the war in Europe that is really causing an effect on people. And uh, many many things have been challenging in 2022.
As of Jorgensen’s call, Daxio’s “instant withdraw contract” is “currently in testing” and “almost there”.
[5:40] We’re almost there now, and this time it is actually 100% sure. It’s not gonna be another three months or four months delay on this.
There have been no further Daxio updates since December 22nd.
Looking forward, Daxio is holding an event in Thailand on January 28th.
The original event was supposed to run from January 27th to 29th and be for Daxio investors. Now it’s piggybacked onto a fun run “local government event” with “locals and tourists attending”.
This appears to be an unrelated local event that has nothing to do with Daxio, which Jorgensen has paid to be a sponsor/partner of. Whatever the arrangement, Jorgensen hopes pitch Daxio to “thousands of potential new members”.
Jorgensen (right) is a Norwegian national based out of Thailand. Daxio operates through a shell company incorporated in the British Virgin Islands.
Last month the Norwegian Lottery Board revealed it was investigating and had raised pyramid scheme concerns with Daxio.
In the meantime, Daxio and Jorgensen were ordered to immediately cease business operations.
While overall visits to Daxio’s website are down (along with recruitment), SimilarWeb tracks traffic from Sweden (53%), Hungary (25%) and the UK (11%).