The Freeway Ponzi scheme is no longer working.
The scam’s admins have taken their money, sending the FWT token off a cliff.
Back in 2017, Freeway was called Aubit. The first time it was tried, it failed, but in early 2021, it was tried again as a crypto Ponzi scheme.
This year, Aubit changed its name to Freeway.
Mark Kearns, Sadie Hutton, and Graham Doggart are the people who own the company Aubit/Freeway.
About 12 hours after Freeway fell apart, the following message was posted on its website:
Freeway has decided to diversify its assets to protect itself from future market changes and volatility and to make sure that the Freeway ecosystem will be sustainable and profitable in the long run. This will make it possible for Freeway to keep giving out the most Supercharger simulation rewards.
We “diversified” by putting money into our bank accounts and then getting the money back.
During this process, Freeway will put money into its underlying portfolio. This means that we won’t be able to buy Supercharger simulations for a while, until our new strategies are in place.
We stopped monopoly money from coming back.
We’ll let you know when we’re ready to start partial Supercharger simulation purchases (buy-backs) and again when we’re ready to start full Supercharger simulation purchases and on-platform Freeway Token (FWT) deposits and buys.
We stopped people from investing. Buh-bye.
From what we know, the official Freeway Telegram group has been shut down. The official Twitter account for Freeway is still up and running, but it has been locked.
People think that Kearns, Hutton, and Doggart are from the UK. As executives of Aubit and Freeway, the three people said they had moved to Malta.
Aubit and Freeway are set up as “shell” companies in several shady places.
Before Freeway fell apart, there was supposedly a “hack” in July 2022. This led to a new smart contract being made for the Ponzi scheme.
In a recent marketing video from October 15th, they talked about “positive growth.”
In the video, co-owner Sadie Hutton said that during the first week of October, $1 million had been put into Freeway.
The rest of the video is about Joel Kruger, who, ironically, was hired to run and start up “Earn and Protect.”
Kruger says that he knows a lot about Freeway and that he has been “advising the project since the very beginning.”
Based on an analysis of how many people visit the SimilarWeb website, it seems that most Freeway victims are from Canada, South Africa, and the UK.
Freeway also asked US residents to invest through a website called “freewaylite.us.” In September 2022, there were more than 20,000 visits to that domain, and 97% of them were from people in the US.
The total number of Aubit victims and losses is unknown until a regulatory investigation is done, which there is no sign of.
Based on Freeway’s smart-contract balance and past transactions, it is likely that the company has lost more than $100 million.