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One of Freeway’s “bridges” was breached on July 12 according to a report from Coffe Network on July 13.

Hello, community

Unfortunately, yesterday there was a breach in one of our project’s bridges.

A significant amount of FWT tokens were taken from our hot wallet and sold on the exchange after our partner Freeway was attacked.

But now that everything has been moved to a new wallet, they are all secure.

While we look into this occurrence and the bridges can be updated, we have halted all bridge exchange activities.

Once we get more information, we will keep you informed. I’m grateful.

On July 16, Aubit’s Sadie Hutton released an update, and, well, things don’t match up.

according to Hutton’s update

Extreme price volatility was brought on by the massive removal of FWT tokens from Coffe’s bridge wallet and the subsequent sale of those coins.

Hutton interprets “volatility” as FWT collapsing:

On July 13th, FWT increased from $0.0074 to $0.001059 within five minutes (0.007 to 0.001 in simpler terms).

Freeway responded to the failure of their Ponzi scheme by

In addition to pulling the available cash for withdrawal, “locking” the internal FWT value, disabling FWT withdrawals, deposits, and investments, and asking for swapping listing FWT to “stop transactions,”

To restart its Ponzi scam, Freeway then launched a new smart contract.

Based on a snapshot taken before the vulnerability, we decided to reload a fresh Freeway token smart contract.

Next week, we anticipate redeploying.

As before the hack, the new smart contract will produce fresh Freeway tokens and distribute them. The goal is to continue as if the breach never occurred.

Still, it did.

The amount that the suspected hacker allegedly made off with is something that neither Coffe Network nor Hutton mentioned.

The exploiter “got away with 434 BNB and 348 ETH,” according to a comment made in response to Coffe Network’s statement.

If true, that equals a pitiful $651,525.

Although I have no means of validating that number, it is interesting nonetheless.

If it only took a little over half a million to destroy FWT, what will happen when investors start withdrawing that much money daily?

If you’re unsure about Freeway’s business strategy, they offer up to 43% yearly returns. Through FWT, which Freeway invents out of thin air, this is accomplished.

As long as there are invested monies available for withdrawal, cashing out works, just like the alleged hacker does.

Between May and June, Freeway’s website traffic fell by almost half:

The majority of Freeway’s financiers are being sought in Canada (45 percent of website traffic). Only 25% of that is in South Africa, which comes in second.

What if this was all simply a premeditated… well, not exactly an exit scam, but that’s the big question here. So to say, a little exit scam.

Nothing can be cashed out by Freeway until investors can see it. Therefore, why not simply sell your tokens outside of the investment opportunity?

These tokens were only ever intended to be used for connecting other blockchains; they were never intended to be part of the circulating supply.

Reset everything except the backend money that was cashed out, cash out a little, and then come up with “hackers!” nonsense.

Investors in Freeway will consider it a success. As the reboot smart contract will install FWT at $0.008, Freeway’s token will rise once more to that price (it was $0.0073 as of July 13).

They are also unaware of how much actual money is still available for withdrawal, as with any Ponzi scams.

Freeway’s executives get to seem to be the good guys while receiving a little bonus.

However, it just looks suspicious. There may be a real third-party hacker. According to Coffe Network’s claims thus far, just Freeway was the target. That looks unusually precise.

Why wasn’t anybody else targeted if Coffe Network was the issue?

Has the vulnerability been solved if the issue was Freeway’s security?

Even if they do, Freeway of Coffee Network and the exploit are they aware of it?

It would seem like restarting Freeway’s Ponzi scam is more crucial than discovering the truth.

On the other hand, I guess, it takes a lot of work for very little gain. If you remove your admin cut off the backend, you’ll still frighten investors, thus the result is essentially the same.

Aside from the “don’t worry, we fixed it!” portion, that is. Investor trust is the most vital component of a Ponzi scheme.

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