According to a notice on the company's website, withdrawals were stopped on Sunday. The ticker FWT plummeted after the announcement and, to top it all off, the website appears to be scrubbing the names and photos of some executives. Users are upset that they can't access their accounts on the community Telegram channel. The most angry people were those who were told to invest in the platform.
The news comes in the wake of other high-profile collapses in the space this year, including Celsius. Freeway was a Ponzi scheme that would likely collapse by this time next year, according to FatMan Terra.
We didn't have to wait a long time for things to collapse. It seems that it happened in a single day, as the website of Freeway has many confusing terms to explain that users can't access their money. It sounds similar to what Celsius said after it said it was suspending withdrawals.
There has been unprecedented volatility in the Foreign Exchange and Cryptocurrencies markets recently.
To ensure the long term viability and profitability of the freeway system, the asset base has been diversified to manage exposure to future market fluctuations. Freeway will be able to maintain the highest level of Supercharger simulation rewards.
What is the Supercharger simulation reward? Users can earn an incredible rate of return if they give Freeway money, from 10% for buying the native token to as high as 43% in staking returns. It is not clear how giving this currency to users resulted in such a large profit. Users were able to take gold and earn a return. How that was supposed to work is unclear.
According to its website, Freeway has processed over 150 million dollars in value. The website doesn't explain how any kind of service was offered by Freeway. It might sound great to just get paid a lot of money for doing nothing, but that isn't usually how value is created in the world.
"We built it to create benefits and rewards for people and I want to see those people benefit and rewarded for it."
Despite publishing dozens of videos on YouTube, each explanation seems to speak about the platform as some kind of great money- generating machine without actually explaining the mechanism that allows it to work. It doesn't seem to matter if the market is doing well or not, you're always going to make money.
"It doesn't matter if the market goes up or down, you're always getting a little bit more of what we already have."
When the market goes back up, you are better off because you have more than you started.
The Freeway executives call it "social finance."
"Social finance is a concept where money is being executed in a way that benefits all the people that are connected to it."
One of Freeway's claims to fame was winning an award for "Staking Platform of the Year 2022," at a conference in which it was up against other companies.
As of last month, eight people used to be listed on the company's website. The founder and co-CEOs listed on the site are Graham Doggart and Peter Neilson. The website doesn't list anyone as being attached to the project
There are more than one face attached to the project that aren't included in the round-up of primary executives listed on the website last month.
The announcement on Freeway's website didn't clear up any of the confusion caused by the unanswered questions. The company is promising to update its community later in the day.
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 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.
While we complete this process we cannot comment further beyond this statement.
We look forward to updating you further soon.
The website stated that the company was working on a virtual card in the future.
The first video of the freeway project was posted on October 16, 2020 and appears to be the start of the project. The person in the video claims that they had been building their project for three years before announcing it.
We have sold close to two million dollars of AuBit One, but we don't promote or publish that because it's not available for retail.
As of this writing, the video has just 223 views on YouTube, but you can see an evolution over the course of 2021. shifting away from the AuBit brand to more prominently talking about freeway. The website AuBit.io is currently redirecting to the Freeway website, though old videos on Vimeo seem to show executives for something called Au Bit Prime, including Sotirios Botsios, who is listed as Director of Technology and Operations.
On Monday, some in the Telegram chat for Freeway questioned why Coach K deleted his old posts.
One user said it was obvious.
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