The wireless industry witnessed a dramatic MVNO failure in late November 2025 when Mobi, a Hawaiian mobile service provider with approximately 55,000 subscribers, abruptly ceased operations amid allegations of executive misconduct, unpaid wages, and abandoned customers. The collapse of Mobi—which had signed a multi-year agreement with T-Mobile just two years earlier and was implementing cutting-edge cloud-native infrastructure—serves as a stark reminder of the inherent risks