Case summary
What happened
Freeway marketed Supercharger products linked to crypto and fiat assets and advertised unusually high annual rewards. On 23 October 2022 it stopped Supercharger buy-backs and related transactions, initially citing market volatility. It later attributed the halt to a failed trading strategy and substantial losses. AuBit International, the company affiliated with the Freeway platform, was placed into official liquidation in the Cayman Islands in October 2023.
Customer result
Customer outcome
Claims ongoing
Customer recovery remains dependent on the AuBit International official liquidation, asset tracing, claim admission, and any recoveries from affiliated entities or service providers. No reliable universal recovery percentage is established in this record.
- Estimated recovery
- unknown liquidation dependent
- Repayment started
- —
- Repayment completed
- —
- Confidence
- High
Asset treatment
Terms risk
Platform-owned
Classified as platform-owned exposure for registry purposes because customer exit depended on platform buy-backs and later creditor treatment in the AuBit International liquidation.
- Affected product
- Freeway Superchargers
- Confidence
- High
Freeway customers purchased platform-controlled Supercharger simulations and depended on the platform or affiliated entities to repurchase them. The arrangement did not provide direct segregated ownership of the underlying trading portfolio represented by the product.
Known unknowns
Uncertainty
The approximate launch date should be refined with an archived first-party launch source. Corporate structure involved multiple AuBit and Freeway entities across jurisdictions; this record follows the customer-facing Freeway platform and the AuBit International liquidation most directly connected to Supercharger holders.
Chronology
Historical record
Freeway Supercharger yield products become available
Freeway offered Supercharger products linked to crypto and fiat assets and advertised annual rewards reaching as high as 43 percent.
The year is approximate and should be replaced by an archived first-party launch date when available.
Freeway halts Supercharger buy-backs and withdrawals
Freeway stopped Supercharger simulation buy-backs and related platform transactions, preventing customers from exiting the high-yield products.
Freeway described the measure as temporary and initially cited volatility in crypto and foreign-exchange markets.
Freeway attributes halt to failed trading strategy and losses
Freeway stated that a trading strategy had failed and caused substantial losses, providing a more specific explanation for the withdrawal halt.
The statement was reported through industry publications and should remain linked to archived first-party communications where available.
AuBit International seeks Cayman restructuring protection
AuBit International petitioned the Cayman Islands court for the appointment of restructuring officers while acknowledging financial distress.
The restructuring application was later dismissed after the court found the proposed plan insufficiently developed.
AuBit International enters official liquidation
The Grand Court of the Cayman Islands ordered AuBit International into official liquidation and appointed joint official liquidators, ending the viable restructuring path for the company affiliated with Freeway.
The liquidation concerns AuBit International, the company identified by the liquidators as affiliated with the Freeway platform and its Supercharger products.
Source record
Evidence dossier
Filter by claim, reliability, source type, and whether evidence is linked to a specific event.
customer outcome
1 sourcesAuBit International in official liquidation
Joint Official Liquidators / Business Wire · 2023-10-23
Official liquidator communication identifying AuBit International as affiliated with the Freeway platform and Supercharger products.
Event
4 sourcesCrypto Staking Platform Freeway Halts Withdrawals, Citing Market Volatility
CoinDesk · 2022-10-24
Contemporaneous industry reporting on the Supercharger buy-back and withdrawal halt.
Crypto Yield Platform Freeway Halts, Token Tanks 75%
Blockworks · 2022-10-24
Supports product structure, advertised yield, and the October 2022 transaction halt.
Intention Matters: In the Matter of AuBit International
Appleby
Legal analysis of the Cayman restructuring-officer petition and the court's dismissal of the insufficiently developed restructuring proposal.
Cayman Islands Gazette notice for AuBit International official liquidation
Cayman Islands Government Gazette · 2023-10-16
Official government notice recording the AuBit International liquidation order and liquidator appointment.
failure reason
1 sourcesFreeway's withdrawal halt blamed on failed trading strategy
Cointelegraph · 2022-10-26
Reports Freeway's explanation that a failed trading strategy and market conditions caused substantial losses.
url history
1 sourcesFreeway website archive captures
Internet Archive
Archived customer-facing Freeway pages support historical product, branding, and yield-offer review.
No evidence records match the current filters.
Comparative records