In a latest investigation by The Guardian, alarming particulars have emerged relating to a crypto venture, HyperVerse, that allegedly misplaced $1.3 billion of buyers’ funds.
The report reveals that the chief govt officer promoted by the venture, supposedly backed by superstar endorsements together with Chuck Norris, seems to be absent.
Investigation Exposes HyperVerse Crypto Rip-off
HyperVerse, promoted by Australian entrepreneur Sam Lee and his enterprise companion Ryan Xu, founders of the now-collapsed Australian Bitcoin (BTC) firm Blockchain World, has been scrutinized for its misleading practices. The venture attracted hundreds of buyers, who in the end misplaced thousands and thousands of {dollars}.
The investigation raises issues in regards to the legitimacy of HyperVerse’s CEO, because the {qualifications} and credentials attributed to the supposed chief govt, Steven Reece Lewis, don’t have any foundation.
Promotional materials launched for HyperVerse claimed that Lewis graduated from the College of Leeds and held a grasp’s diploma from the College of Cambridge. Nonetheless, neither establishment has any report of his existence.
Moreover, there are not any data of Lewis on the UK firms register, Corporations Home, or the US Securities and Alternate Fee (SEC). Apparently, Adobe, a publicly listed firm, additionally has no report of any acquisition involving an organization owned by “Steven Reece Lewis.”
The report signifies that HyperVerse managed to safe superstar endorsements, together with video messages of assist from Steve Wozniak, co-founder of Apple, and actor Chuck Norris.
Nonetheless, it’s unclear how these messages had been obtained, as all 4 celebrities talked about within the report can be found for rent by way of Cameo, the place people will pay to have high-profile people learn scripted messages.
Australian Authorities Underneath Fireplace
The investigation additionally highlights regulatory issues, as HyperVerse operated with out important scrutiny in Australia regardless of being flagged by regulators abroad as a doable rip-off or suspected pyramid scheme.
The Australian Securities and Investments Fee (ASIC) has been referred to the case however has not but taken motion.
Traders in HyperVerse had been lured with guarantees of considerable returns and the chance to discover a brand new digital metaverse much like Fb. Nonetheless, the scheme in the end resulted in important losses for buyers, estimated at $1.3 billion in 2022, in response to blockchain analysts Chainalysis.
The Guardian’s findings make clear the misleading practices employed by HyperVerse and lift questions in regards to the obligations of regulators in overseeing such tasks.
Because the aftermath of this cryptocurrency scandal unfolds, buyers and authorities alike are left grappling with the implications of a scheme that capitalized on false claims and superstar endorsements to defraud unsuspecting people.
Featured picture from Shutterstock, chart from TradingView.com
Disclaimer: The article is offered for academic functions solely. It doesn’t signify the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You might be suggested to conduct your personal analysis earlier than making any funding choices. Use info offered on this web site completely at your personal danger.
