FOMO Network Shuts Down After Founder Cites Health and Family Concerns

FOMO Network announced the immediate shutdown of its project on May 16, 2026. The founder, Ashley Ward, said in the announcement that his health had suffered under intense pressure, the project had run out of operating runway, and an incident involving his son made him realize he could no longer continue.

In the message posted to the project’s Telegram channel, Ward also said that he would no longer support development, marketing, sponsorships, events, or platform operations. He warned users not to buy the token in the expectation of future development, listings, or price support.

The shutdown ends a project that launched in late 2023 as a Layer-1 blockchain initiative and later attempted a relaunch after its 2024 token collapse.

Founder Says Health and Son Incident Forced the Decision

Ward described the shutdown as an “extremely difficult decision” after months of working under intense pressure.

“For a long time, I have been working extreme hours under intense pressure, and my health has suffered badly as a result,” Ward wrote in the announcement.

He said an incident involving his son made him realize he could no longer continue.

“As a single parent, my family has to come first,” he said.

Ward also apologized to community members and acknowledged that many token holders would likely face losses following the shutdown.

FOMO Confirms No Relaunch or Token Recovery

A second Telegram update, posted on May 17, attempted to address growing frustration among community members following the closure announcement.

Ward stated that the project would not relaunch and that the token would not return.

“The project is not relaunching. The token is not coming back,” he wrote.

He also said there would be “no trading or new token-related activity” going forward.

Ward said a final update explaining the future of the project’s remaining utilities would be published within 24 to 48 hours. He added that he would not respond to messages in the meantime.

Shutdown Follows Earlier Rug Pull Accusations and GemPad Hack Recovery Effort

In the announcement, Ward referenced an earlier crisis involving a December 2024 hack of the GemPad launchpad as another blow to the project’s recovery effort.

Fomo Network had conducted a token sale on GemPad and held funds in a liquidity pool managed by the platform. A vulnerability in GemPad’s LockV2 contract affected 27 projects across multiple blockchains, including FOMO. As a result of the hack, the project’s liquidity pool was drained, causing severe financial damage.

“When the GemPad hack happened, we chose to fight and relaunch rather than walk away,” he wrote.

The GemPad exploit came months after FOMO Network had already faced allegations of a rug pull tied to its original 2024 token collapse.

After FOMO Network launched its token on Uniswap, a large sell-off caused the token price to collapse by 99% almost immediately. The team denied having rug pulled, and continued operating the project.

Despite the collapse and allegations, the team continued operating, later attempting a relaunch and shifting toward the Just FOMO / FOMO Daily branding.

Ashley Ward Faced Previous Allegations Tied to Crypto Projects

Ward had also been linked to earlier crypto controversies prior to FOMO Network.

An investigation published by Byline Times in October 2025 linked Ward to previous crypto controversies involving RooCoin, a token project launched in 2021. The same article also referenced older fraud convictions connected to Ward under his birth name, Ashley Keable.

The investigation described Ward as a longtime figure in controversial online ventures extending beyond FOMO Network and RooCoin. It linked him to fundraising activity surrounding political activist Tommy Robinson’s 2025 “Unite the Kingdom” rally in London, where Robinson publicly thanked Ward during a speech.