Following Daxio’s collapse, owner Frode Jorgensen has fled Thailand.
In a recent update sent out to his victims, Jorgensen also claims hired hitmen are after him.
I want to preface this article by stating Frode Jorgensen is a serial scammer. His word means nothing and he has no credibility.
I’m covering Jorgensen’s excuses so there’s a paper-trail for authorities to follow.
In his latest February 15th communication to Daxio victims, Jorgensen opens by babbling on about how great Daxio has been (for him).
Then, Jorgensen (right) concots this nonsensical narrative;
There is also a dark side in Daxio. A dark side which shows the true nature of many individuals. Greed, Egoism, Stealing, Cheating.
This has been a growing cancer in our community, we have tried to get rid of it, but it keeps coming back and it’s growing faster than ever.
It started to appear when we released a new game. It was called DaxioBot. The DaxioBot was meant to be a vehicle for people to earn some extra income. It has limitations, rules, and regulations.
In fact, the entire Daxio system have rules and regulations. Looking at it today it has destroyed Daxio and everything Daxio stands for. Leaving us all in a very diﬃcult situation.
It’s nonsensical because it ignores Daxio has Daxio has always been a Ponzi scheme, through which the majority of investors have always been guaranteed to lose money.
But Jorgensen isn’t of course referring to Daxio’s fraudulent business model. The “dark side” is purported repercussions he’s facing for stealing people’s money.
Because of the DaxioBot, last week I have had Hitmen come to my house, I was attempted kidnapped, but I managed to get away.
I have lost everything I have worked hard for the past 20 years; this have forced me to leave the country I love the most in this world, the country I call Home.
However, I am not far away, and I am currently in hiding at a safe house. This is the reason behind my silence the last week. Not to run away, but to be safe.
In addition to dodging assassins Jorgensen (who doesn’t clarify how he, overweight and middle-aged, was able to “get away”), goes to on to suggest he’s under investigation.
I am currently in dialog with various Government Agencies and Legal Advisors to try to find a way to unwind the cluster we are in to try to find solutions to move forward.
If it does not work out, I will turn myself in and share everything I have been documenting during these 5 years that have passed.
The only country known to be investigating Daxio and Jorgensen is Norway (although he lives in Thailand, Jorgensen is a Norwegian national).
The Norwegian Gambling Authority confirmed an investigation into Daxio in July 2022. There have been no further updates since.
Norway and Thailand don’t officially have an extradition treaty. That however doesn’t mean the two countries don’t cooperate when it comes to criminal matters.
The rest of Jorgensen’s Daxio update is a raft of excuses for withdrawal delays. “Market drops”, the “Luna crash”, and soliciting investment in EUR equivalents all get a mention.
All of which have nothing to do with Daxio being a simple Ponzi scheme that ran out of new investment to pay existing investors.
Oh and here’s a bit of good old fashion victim-blaming;
Our terms and conditions, rules and regulations, purchase agreement and disclaimers CLEARLY states what to do and what not to do.
There are members with multiple accounts in Daxio and that actions have taken Daxio into a downward spiral.
There are members playing irresponsible in the Daxiobot, with money that they cannot aﬀord to lose and that have put them into a bad situation.
There are members who found security holes and ways to cheat the system, shared these ways with others and avoiding informing Daxio about them, that action is destroying Daxio
There are members running around presenting Daxio as an Investment Scheme or a HYIP, be aware that this action has given nutrition to the cancer that might eventually kill Daxio.
There are members spreading rumors and false news, posting comments, and sharing the private member information openly with media or blogs. Be aware that this action direct cause of many of the problems we are experiencing right now.
As for my-self, I am 100% aware that I might be the cause of many of the problems we are experiencing. After all I was part of building the platform and technology behind Daxio.
My biggest mistake was that I gave room to all of these members to create problems.
Poor Frode. He just can’t catch a break.
The rest of Frode’s communication is a bunch of promises and crypto jargon nonsense (linked above if you really want to read it).
Despite math guaranteeing the owners of Ponzi schemes are always their primary beneficiaries, Jorgensen claims he has “not enriched myself financially with Daxio.”
Having covered MLM Ponzi schemes for a while now, the cynic in me reads Jorgensen’s communication as an exit-scam.
- Stop paying out.
- Come up with a “hitman are after me!” exit-scam.
- Blame affiliates as part of said exit-scam, setting up the inevitable “I tried but too many of you were scamming the scam!” exit-exit-scam.
- Weave in a known regulatory investigation into Daxio but don’t provide any details.
Pending any further developments, we’ll keep you updated.