Freeway’s Ponzi scheme has failed.
The fraud administrators have cashed out, sending FWT tokens off a cliff.
In 2017, Freeway debuted as Audit. The initial implementation failed, but it was relaunched as a crypto Ponzi scheme in early 2021.
Earlier this year, Audit was renamed Freeway.
The owners of Audit/Freeway are Mark Kearns, Sadie Hutton, and Graham Doggart.
Approximately 12 hours after Freeway’s collapse, the following message was posted on its website:
Therefore, Freeway has opted to diversify its asset base to manage exposure to future market changes and volatility, assuring the Freeway Ecosystem’s long-term viability and profitability. This will let Freeway preserve the greatest degree of Supercharger simulation rewards.
We “diversified” by investing monies in our bank accounts and then withdrawing them.
Freeway will allocate funds to its underlying portfolio over the duration of this procedure; hence, we will not purchase Supercharger simulations until our new strategies are adopted.
We blocked the return of monopoly money.
When we can resume partial Supercharger simulation purchases (buy-backs) and complete Supercharger simulation purchases, as well as on-platform Freeway Token (FWT) Deposits and Purchases, we will contact you.
We ceased all fresh investments. Buh-bye.
According to BehindMLM, the official Freeway Telegram group has been closed. The official Twitter account for Freeway is still accessible but has been disabled.
Kearns, Hutton, and Doggart are thought to be British citizens. As executives of Audit and Freeway, the trio indicated that they had relocated to Malta.
Audit and Freeway are shell corporations formed in questionable nations.
In July 2022, a rumored “hack” allegedly caused Freeway’s demise. This resulted in the Ponzi scam launching a new smart contract.
A new commercial film released on October 15th celebrated “good progress.”
In the video, co-owner Sadie Hutton stated that in the first week of October, $1,000,000 was invested in Freeway.
The remainder of the movie describes Joel Kruger’s participation, who strangely was hired to manage and implement “earn and protect.”
Kruger acknowledges being a Freeway insider who has been “advising the project since its inception.”
Based on an examination of SimilarWeb website traffic, it is suspected that the bulk of Freeway victims are from Canada, South Africa, and the United Kingdom.
Freeway independently requested investment from U.S. citizens at “freewaylite.us.” This domain’s traffic climbed to over 20,000 in September 2022, with 97% of it attributable to US people.
In the absence of any sign that a regulatory probe is underway, the overall number of Audit victims and damages remains unclear.
Based on Freeway’s smart-contract balance and transaction history, it is projected that losses will exceed $100 million.