The Freeway Ponzi scheme has collapsed.
The admins running the scam have cashed out, plunging FWT token off a cliff.
Freeway launched as Aubit back in 2017. The first iteration flopped but was rebooted as a crypto Ponzi in early 2021.
Aubit rebranded as Freeway earlier this year.
Aubit/Freeway is owned by Mark Kearns, Sadie Hutton and Graham Doggart.
Following Freeway’s collapse roughly 12 hours ago, the following notice was published on its website:
Freeway has therefore decided to diversify its asset base to manage exposure to future market fluctuations and volatility ensuring the long term sustainability and profitability of the Freeway Ecosystem. This will allow Freeway to maintain the highest level of Supercharger simulation rewards.
We “diversified” invested funds into our bank accounts and cashed out.
While this process is ongoing, Freeway will be allocating capital to its underlying portfolio and this means for a temporary time we will not be buying Supercharger simulations until our new strategies are implemented.
We disabled monopoly money returns.
We will notify you when we are ready to recommence partial Supercharger simulation purchases (buy-backs) and then again as we can recommence full Supercharger simulation purchases as well as on platform Freeway Token (FWT) Deposits and Buys.
We disabled new investment. Buh-bye.
As BehindMLM understands it, Freeway’s official Telegram group has been closed. Freeway’s official Twitter profile is still up but has been locked down.
Kearns, Hutton and Doggart are believed to be UK nationals. As Aubit and Freeway executives, the trio represented they had relocated to Malta.
Aubit and Freeway are incorporated as shell companies in various dodgy jurisdictions.
Freeway’s collapse was preceded by a purported “hack” in July 2022. This saw the Ponzi scheme reboot with a new smart contract.
In a recent October 15th marketing video, celebrating “positive growth”.
In the video, co-owner Sadie Hutton boasted one million had been invested into Freeway across the first week of October.
The rest of the video covers the involvement of Joel Kruger, who ironically was brought on to oversee and launch “earn and protect”.
Kruger admits to be a Freeway insider who’s been “advising the project since the very early days”.
Based on SimilarWeb website traffic analysis, the majority of Freeway victims are believed to be from Canada, South Africa and the UK.
Freeway separately solicited investment from US residents through “freewaylite.us”. Traffic to that domain increased 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, total Aubit victim numbers and losses are unknown.
Presumably based on Freeway’s smart-contract balance and transaction history, losses are estimated to run at over $100 million.