Road Town, British Virgin Islands, October 1st, 2026 - The Sweat Foundation Ltd (company no. 2081818) has issued an update stating that Sweat Wallet and the SWEAT token will end in their present form on 30 December 2026. The statement, made public on 1 October 2026 at 15:00 London time (16:00 CEST), was submitted by Nikolay Vznuzdaev, Director. The announcement notes it contains inside information within the meaning of Article 87 of Regulation (EU) 2023/1114 (MiCA).
The Foundation said it is providing 90 days' notice to give users and token holders time to act. Until 30 December 2026 the mobile app, the token, and the associated smart contracts will operate as they do today, and users will continue to earn SWEAT so long as movement verification data is supplied by Sweatcoin.
Why the current model is ending
The Foundation framed the decision as a response to several economic pressures. It said the current model’s unit economics did not hold up, citing a prolonged downturn in crypto markets, the loss of exchange listings for SWEAT, costs arising from a security incident in April 2026 (after which all user balances were restored), and slowing growth in new users. The team, the announcement says, came close to sustainable profitability but did not achieve it. The Foundation added that it chose an orderly wind-down with 90 days’ notice rather than the 14 days permitted under its terms.
Scope and separation from Sweatcoin
The notice clarifies that it concerns only The Sweat Foundation’s products: Sweat Wallet and the SWEAT token. Sweatcoin, the health and wellness app, is operated by a separate company, Sweatco Ltd. Sweatco has confirmed to the Foundation that the Sweatcoin app will continue to operate as normal.
What changes during the notice period
- Through 30 December 2026 the app, token and smart contracts remain active and users continue earning provided movement data is available from Sweatcoin.
- The minimum term on Grow Jars will be removed no later than 15 October 2026.
The Foundation also said that after 30 December 2026 its services will end in their current structure but that the SWEAT token will continue to exist on NEAR and on the EVM chains where it is bridged. When the Foundation closes the claim and Grow Jar contracts following 30 December 2026, any unclaimed SWEAT and any Grow Jar balance - with yield calculated as of 30 December 2026 - will be sent to the NEAR account that owns it.
The Foundation committed to publishing details of post-30 December arrangements in the first week of December 2026, specifying what will happen and when.
Actions the Foundation asks users to take
The Foundation listed practical steps for users and token holders ahead of the deadline:
- Back up the private key and NEAR account ID from the app.
- Claim earned SWEAT.
- Withdraw from Grow Jars when preferred.
- Move any balances on Ethereum, Base, BSC, or Arbitrum to another wallet under the user’s control, or bridge them to a personal NEAR account while the app is still running.
The Foundation recommended completing these steps by 18 December 2026 and said that each step is explained at https://update.swe.at. It reiterated a standard security caution: the Foundation will never ask for a private key or seed phrase and will not initiate contact to request such sensitive information.
Statements from leadership
Oleg Fomenko, CEO of The Sweat Foundation: "I am proud of what SWEAT achieved. Rewarding verified movement got millions of people to move more, and it brought millions of them into Web3 for the first time. That we did not reach sustainable profitability is a real disappointment to me. We are telling the community now, in full and with 90 days, because that is what our users and token holders deserve. I thank everyone who has been part of this over the last four years."
Anton Derlyatka, CEO of Sweatco Ltd (Operator of Sweatcoin): "We thank The Sweat Foundation for the partnership that gave Sweatcoin users the chance to earn SWEAT since 2022. We'll continue pointing our users to the Foundation's guidance on next steps through the transition. Sweatcoin continues to help our users build healthy habits and we look forward to sharing a few new health-focused strategic partnerships in Q4."
Context provided by the Foundation
The Foundation noted that Sweat Wallet and SWEAT have brought more than 22 million people into Web3 through daily step verification. The announcement also states that a modified crypto-asset white paper for SWEAT has been notified to the Central Bank of Ireland under Article 12 of Regulation (EU) 2023/1114 (MiCA). That modified white paper will be published at whitepaper.swe.at/mica-compliant-white-paper on 12 October 2026.
The Sweat Foundation Ltd is registered in the British Virgin Islands (no. 2081818). It described Sweat Wallet as a non-custodial wallet on the NEAR Protocol with support for Ethereum, BSC, Base and Arbitrum through Chain Signatures. SWEAT is identified as the token issued by the Foundation and minted for verified physical movement.
Where to get more information
For detailed guidance and FAQs the Foundation directs users to https://update.swe.at. Media enquiries may be sent to [email protected].
Note: This announcement contains inside information as defined under Article 87 of Regulation (EU) 2023/1114 (MiCA).