Daxio collapses, investor withdrawals “in limbo”
Frode Jorgensen’s Daxio Ponzi scheme has collapsed.
Communications dating back to October 2022 reveal investor withdrawals are “in limbo”. And as of December 12th, Jorgensen is still stalling.
BehindMLM readers began reporting Daxio withdrawal problems in September 2022.
Jorgensen acknowledged the problem in an October 15th announcement:
Site might be taken offline multiple times in the coming week, starting on MONDAY 17th October for updates.
We will try to do it as swiftly as we can and in steps so that the site will be functional during the process.
We have almost completed everything that you all are waiting for and will start rolling out updates one at a time.
NFT Shop page have been updated already and Minting will start once final updates are rolled out.
This means that WITHDRAWALS WILL NO LONGER BE IN LIMBO!
In an attempt to broaden Daxio’s Ponzi appeal, an NFT metaverse grift was added in August 2022.
As of November 9th, Daxio’s website and withdrawals remained disabled.
The work with the NFT Shop & Swapping is completed and we will be opening the website shortly.
This coincided with Daxio disabling ethereum investment and only accepting SDAX.
SDAX, along with GDAX, are shit tokens Daxio created as part of its metaverse NFT grift.
In a November 11th update, Jorgensen confirmed again that Daxio withdrawals weren’t functional.
Because things have been taking longer than we were told (and expected) but most importantly, to help our members to keep their wheels turning and not get stuck in limbo, we decided to enable Value Vouchers UNTIL the instant withdrawal is 100% functional.
We still expect the Instant Withdraw to come within few days and we will still do manual withdraw as usual until its [sic] live. Once its [sic] live we will again disable value vouchers with Daxio Wallet.
Despite withdrawals still being disabled, Jorgensen went on to announce new $500 “Node License” investment positions.
Jorgensen’s next update regarding Daxio withdrawals is dated December 2nd;
We are getting close to the release of Instant Withdraw and will roll this out immediately without notice when its [sic] ready.
You must cancel your pending withdraw yourself to be able to use it once its [sic] live.
On December 22nd Jorgensen held a Daxio Corporate Call.
[1:30] It’s been some really really difficult months, not just for us here at management, but also for you members that have been waiting for your withdrawal patiently.
Some of you have been very patient, some of you have not been so patient. But it is what it is … and hopefully now it’s all in place and it’s starting to be ready to be rolled out.
Daxio goes on to infer that the 2022 “crypto winter” is to blame for Daxio’s collapse.
[3:18] It’s been tough for us because we have been affected by it a little bit.
Not so much but a little bit when it came to LUNA and the stable coin that they had. We were not affected by the FTX crash in any other way than everybody else was affected by it. And the market going down a lot, you know?
It’s affecting everything and it’s all interconnected. So it’s not just Daxio that has had a tough time, it’s everywhere you know. The market is super tough everywhere.
Inflation is super high, we have the war in Europe that is really causing an effect on people. And uh, many many things have been challenging in 2022.
As of Jorgensen’s call, Daxio’s “instant withdraw contract” is “currently in testing” and “almost there”.
[5:40] We’re almost there now, and this time it is actually 100% sure. It’s not gonna be another three months or four months delay on this.
There have been no further Daxio updates since December 22nd.
Looking forward, Daxio is holding an event in Thailand on January 28th.
The original event was supposed to run from January 27th to 29th and be for Daxio investors. Now it’s piggybacked onto a fun run “local government event” with “locals and tourists attending”.
This appears to be an unrelated local event that has nothing to do with Daxio, which Jorgensen has paid to be a sponsor/partner of. Whatever the arrangement, Jorgensen hopes pitch Daxio to “thousands of potential new members”.
Jorgensen (right) is a Norwegian national based out of Thailand. Daxio operates through a shell company incorporated in the British Virgin Islands.
Last month the Norwegian Lottery Board revealed it was investigating and had raised pyramid scheme concerns with Daxio.
In the meantime, Daxio and Jorgensen were ordered to immediately cease business operations.
While overall visits to Daxio’s website are down (along with recruitment), SimilarWeb tracks traffic from Sweden (53%), Hungary (25%) and the UK (11%).
Update 16th January 2023 – Within a few days of this article being published, Frode Jorgensen marked the cited corporate call video as private.
This article originally included a link to the vide. As a result of the video being marked private, I’ve now disabled that link.
Dude. Are you really sure about this? It seems you are more of an enemy of Mr. Jorgensen than a reviewer.
Maybe you should join the daxio community and see for yourself what is going on? Have you meet Frode by you self? or are you just another fake person that needs attention?
A real reviewer you should also see the good sides of thing to actually experience the bad side. (Ozedit: derails removed)
Hello Daxio bagholder!
1. This isn’t a review, it’s a news update.
2. I don’t know Jorgensen and quite frankly don’t care to get to know him. Who Jorgensen is or isn’t outside of Daxio and MLM in general is irrelevant to BehindMLM’s coverage.
3. Why do I need to “join Daxio” to report on what’s going on? I’ve quoted official Daxio updates straight from Jorgensen himself. An MLM Ponzi scheme not paying out for months = collapse.
4. Sorry for your loss.
Had you bothered to do any real due diligence, you would have never joined this turkey. You also have no clue who Frode Jorgensen is and all he has done. For if you had, you would have known:
He went to prison for running the Ponzi PlexPay.
You would also have known he was a major player in PIPS, run out of Malaysia, that was….wait for it…… a Ponzi. It was from this experience he formed PlexPlay.
You would have also found out after getting out of prison he ran another Ponzi called Bidify.
When he ran with the money from Bidify, he then started another Ponzi called Global Game Arena.
When that failed and he ran with the money, he started this Ponzi.
The only thing Frode knows how to do is rob people of their money. Great guy to be doing busines with, right? And you believe all his malarky? Seriously? You have more money than brains.
You see I do know who Frode Jorgensen is and what he is, unlike you. Frode robbing people since 2004 at least.
Oz.
1. it’s not news, it’s a way of se things with blinders. (Ozedit: derail removed)
2. Is it? obviously it isn’t because there is a big focus on him? so did you give him a chans to defend against the accusations?
3. Well did i say you should join daxio? No! i said you should join daxio community to get a propper side of the story. When and were can you find the information about the Collapse you speaking about. I would be glad to read more about that?
4. What loss? define? I need fact…
1. Welcome to BehindMLM. We cover MLM news. MLM Ponzi schemes collapsing is news.
2. I think you can work out why Jorgensen is mentioned in an article covering the collapse of his Ponzi scheme. And what, you’re upset I didn’t give Jorgensen a chance to defend himself… from his own words?
3. Official Daxio updates are “the proper side of the story”. You can request the updates from Daxio if you want them I guess.
As for Daxio’s collapse, when an MLM Ponzi scheme stops paying out it collapses. The information leading to Daxio’s collapse is included in this article.
4. Whatever you lost in Daxio.
(Ozedit: derails removed)
2. i’m not upset?! (Ozedit: derails removed)
3.Is it? but you claim to be BehindMLM. So (Ozedit: derails removed)
4. I haven’t lost anything in daxio? so what’s the loss??
And here comes a new one, Whats the Ponzi in Daxio?
Daxio is a Ponzi scheme because withdrawals are paid out of invested funds. Or used to be till it collapsed.
We have a Daxio reviews if you want to read up on the specifics.
I don’t care whether you’re upset or not. Nor do I care whether you acknowledge Daxio losses.
Math is math and Ponzi schemes are negative sum equations (admins always steal).
Three derails in one comment, you’re wasting my time. Spam-binned.
Frode is playing with peoples savings.
3 days ago “milestone 2” was reached, and he claimed that Instant withdrawal was available.
So all people made withdrawals, causing SDAX to crash. But – most of people can’t get their withdrawals. it has “pending” status.. it is a joke.
Somebody can explain me the situation with Daxio ?
The situation is you invested in a Ponzi scheme and your money is gone.
Sorry for your loss.
I am sure Cryptokid will gladly buy all you have because he believes in Frode and Daxio is not a Ponzi.
daxio er et pyramidespill og noen klarte å bli rike, men de fleste ble jukset:
nettavisen.no/okonomi/mange-lokale-smasparere-investerer-i-daxio-vi-advarer-mot-dette-selskapet/s/5-95-694896
Very easy to huff and puff against Norwegian regulators when you’re hiding in Thailand.
Daxio was a Ponzi pyramid hybrid, there’s no arguing around that.
It’d be nice if Norway opened up a criminal case and put out an international arrest warrant. But they won’t, because Europe.