The Seychelles Financial Services Authority issued a public warning about the website https://hugosway.com/, allegedly operated by Hugo's Way, stating that the company does not, and has never, had authorisation to operate under the Virtual Asset Service Providers Act, 2024 or the Securities Act, 2007 (as amended). It also reported that the company was struck off and dissolved as of 1 April 2025 and is therefore no longer a legal entity. The notice urges investors and the public to conduct due diligence before engaging any entity or representative, including prior to money transfers or sharing personal information, and states that the FSA will not be liable if persons continue to engage with or use services provided through the website. The FSA added that it continues to monitor activity in this area and encouraged the public to notify it if they believe they are dealing with virtual asset service providers or securities business.

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