WeWe Global suspended all withdrawals on August 11th, following unscheduled "extraordinary maintenance." This marks the third time the platform has collapsed for its investors. Javier Smaldone first flagged the withdrawal freeze, initially dismissed as a minor technical issue.
Platform activity ceased entirely between August 19th and September 4th. During this period, WeWe Global disabled affiliate investors' ability to convert internal "Ponzi points," known as LFI, into bitcoin. Instead, investors could only convert LFI into WEWE-C, a token that had to be immediately reinvested into the system. With no outgoing capital possible, the platform's operational collapse became evident.
Instead of acknowledging the situation, WeWe Global appears to be executing a KYC exit-scam, delaying withdrawals until at least September 15th. The company claims a new platform is launching, but this process does not require a 30-day shutdown. Legitimate businesses upgrade systems without user disruption, often in separate staging environments.
The company's investors have cited regulations as a reason for the withdrawal freeze. However, securities fraud regulations are clear: legitimate operations register with financial authorities and file audited reports. WeWe Global, a clear Ponzi scheme, lacks any verifiable external revenue source.
Website traffic data from SimilarWeb indicates significant user bases in Italy (39%), Greece (15%), Germany (6%), Bulgaria (6%), and Peru (6%). Earlier this year, in February 2023, New Zealand's Financial Markets Authority issued a securities fraud warning for WeWe Global and LyoPay. This followed the platform's initial 2021 Ponzi model collapse in 2022, after which WeWe Global incorporated LyoFi and LyoPay.
Should WeWe Global avoid disappearing before September 15th, a likely scenario involves a reboot with continued withdrawal restrictions. The goal would be to stem capital flight, hoping that a trickle of new investment money will sustain the scheme long enough to make further theft worthwhile.
On September 21st, 2023, WeWe Global re-emerged for a fourth time, rebranding as The Blockchain Era.