Embattled Crypto Platform Freeway’s ‘Billion-Dollar Man’ Isn’t the Insurance Titan He Claims to Be

Embattled crypto staking platform Freeway seems to have an issue past simply being pressured to freeze withdrawals and its nearly worthless FWT token. Its bridge to conventional finance – Joel Krueger, which the corporate touted as its “billion-dollar man” – isn’t the funding government he claims.

Krueger’s LinkedIn page in addition to communications from Freeway itself assert that he – along with his chief funding adviser position with Freeway – has a senior job at Aon, a British insurance coverage firm with $4.1 trillion in belongings underneath advisement as of June 30.

Aon says that’s not true.

On the prime of Krueger’s LinkedIn web page as of Monday, Krueger stated he was “World Chief Funding Officer” of Aon. Decrease down, it stated he began working as Aon’s “World CIO – Insurance coverage” in June 2017, and nonetheless had the job. (The page has since been up to date to say that position led to August 2022.)

A November 2020 tweet from Freeway known as him “CIO of Aon.” A February 2022 post on Freeway’s weblog referred to him as “World Chief Funding Officer for Insurance coverage for Aon PLC.” Freeway, which promised as much as a 43% return on investments via merchandise it calls Superchargers, referred to Krueger as its “billion-dollar man” in tweets selling his relationship with the corporate.

When contacted by CoinDesk, Aon denied that Krueger was ever employed by the corporate.

“Joel doesn’t work for Aon, and didn’t – he was a marketing consultant for a interval,” in keeping with a spokesperson, Tom Blackwell of FTI Consulting. Requested if it’s inaccurate that Krueger’s title at Aon was “World Chief Funding Officer,” the spokesperson replied: “Right.”

There are uncertainties about Krueger’s tenure at Prudential, too. On his LinkedIn, he stated he was Prudential’s Regional Funding Officer for the agency’s Asia enterprise.

Freeway, nevertheless, has known as him Prudential’s Chief Funding Officer.

A spokesperson for Prudential stated that the corporate could not touch upon the matter of Krueger’s title and employment with the corporate.

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In an emailed assertion, Krueger stated his work with Freeway has been completely separate from “some other organizations with which I’m or was related, and I’ve not promoted Freeway to anybody in my skilled community.”

Krueger defined that his position with Freeway includes growing merchandise just for use in regulated environments.

“I’ve not been related to unregulated merchandise, resembling Superchargers and I’ve not supplied any oversight to Freeway’s buying and selling actions,” he stated.

Sadie Hutton and Graham Doggart, who’re listed as co-CEOs of Freeway, didn’t reply to emails requesting remark.

Since Freeway froze its enterprise, movies starring Krueger or different Freeway personnel have been made personal on YouTube.

Shades of 2017’s ICO Bubble

There are echoes right here of previous controversies in cryptocurrencies. Throughout the peak of the preliminary coin providing (ICO) bubble of 2017, the trade was rife with misrepresentations in regards to the advisory boards behind tasks.

Celebrities typically discovered their likeness inserted as an adviser.

In a single case, the ICO MIROSKII used an image of Ryan Gosling to signify its graphic designer “Kevin Belanger.” Different instances ICOs would troll LinkedIn for headshots and insert less-recognizable professionals into their advisory slots.

Other projects had of us with embellished instructional credentials, resembling honorary degrees from Harvard.

What’s subsequent for Freeway?

Freeway maintains that the pause in withdrawals is simply short-term, although it hasn’t stated when prospects may be capable of get their cash.

“Whereas this course of is ongoing, Freeway might be allocating capital to its underlying portfolio, and this implies for a brief time we is not going to be shopping for Supercharger simulations till our new methods are applied,” the crew wrote in a latest replace.

Krueger, for his half, instructed CoinDesk that he stays concerned with Freeway “in my present capability.”