Hyperfund pyramid scheme. Dec 23, 2021 · It is a pyramid scheme, they wont be able to sustain funding it as they rely on new users funding others higher up the chain…. Many of the reviewers have accused HyperFund of being a scam, a Ponzi scheme, or a pyramid scheme. 5% of your purchase per day. HyperFund claims to provide a decentralized financial infrastructure for digital currency users. HyperFund is a 300% ROI Ponzi scheme combined with pyramid recruitment. A fraudster advertises a multi-level investment scheme that offers extraordinary profits for little or no risk. This particular case can be considered a sub-branch of the pyramid scheme previously discussed, and legal charges are entailed. Sam Lee and Brenda Chunga, also known as Bitcoin Beautee, have been charged Conclusion. Warnings by UK FCA, suggesting HyperFund as an unauthorised firm. Securities and Exchange Commission v. Jan 30, 2024 · It operated as a pyramid scheme, paying out old investors from the proceeds collected from the new investors. Each member gets rewarded based on their own membership they have bought. 8B Jan 30, 2024 · HyperFund. The regulator alleges that HyperFund enticed individuals with misleading promises of high returns on crypto mining operations. Jan 30, 2024 · The collapse of the HyperFund scheme in 2022 left investors unable to make withdrawals. Sam Lee, a 35-year-old Australian citizen living in Dubai, United Arab Emirates, has been charged in an unsealed indictment for co-founding HyperFund, also recognized as Jan 30, 2024 · The Securities and Exchange Commission (SEC) has taken decisive action against Xue Lee and Brenda Chunga, the alleged architects of the $1. 7 billion cryptocurrency fraud scheme that once promised investors plans to list on the Hong Kong stock exchange and even hired an actor to play as Jul 28, 2022 · With that said, one such case is HyperFund. Jan 30, 2024 · U. 4679 shares. The trio will be arraigned before a federal district judge later. Jan 31, 2024 · In a parallel case, the US Department of Justice also suspects Lee Chunga, and Rodney Burton for their alleged involvement in the $1. Jan 29, 2024 · As the complaint alleges, however, Lee and Chunga knew or were reckless in not knowing that HyperFund was a pyramid scheme and had no real source of revenue other than funds received from investors. Some of the common complaints include: – Not being able to withdraw their money from the platform Jan 30, 2024 · An Australian and two Americans have been charged with orchestrating a $1. 7 billion taken from […] Jan 30, 2024 · Brenda Chunga, known online as “Bitcoin Beautee,” was the American face of an Australian Ponzi scheme called HyperFund. Patel was active for many years in promoting pyramid schemes, scams, frauds and money laundering around the world. 4 million from hundreds of retail investors primarily from Spanish-speaking Jan 30, 2024 · The Securities and Exchange Commission (SEC) has also filed related civil charges against two of the accused, shedding light on an alleged crypto pyramid scheme that crumbled in 2022. Jan 29, 2024 · The online investment business, which variously carried brands including HyperFund, HyperCapital and HyperTech, is said to have taken as much as $1. However, authorities claim the scheme operated as a Pyramid or Ponzi System, using funds from new recruits to pay earlier investors while channeling millions to the founders Jan 29, 2024 · However, HyperFund didn't have any mining operations and halted withdrawals in 2021, said prosecutors. This high-profile case has sent shockwaves through the investment community, raising serious concerns about the integrity of certain cryptocurrency Jan 8, 2022 · Jan. Sam Lee, one of the principal figures, is alleged to have admitted the non-existence of the Bitcoin mining operations claimed to be a key revenue source. You’re required to pay a fee to enter the investment scheme. The scheme managed to raise over $1. 7 billion, federal prosecutors estimate the figure to be $1. Accused of amassing over $1. a. The regulator has indicted Australian blockchain entrepreneur Sam Lee and HyperFund promoter Brenda Chunga for their involvement in the Ponzi scheme. HyperFund … was a pyramid and Ponzi scheme. A US court and the Securities and Exchange Commission (SEC) have slapped charges on three individuals that include an Australian citizen for allegedly perpetrating a fraudulent cryptocurrency scheme known as HyperFund, raising $2. 85 million into fraudulent HyperFund accounts over 20 months ending in January 2022. Koster is part of the “Team Final Feb 18, 2024 · Two years later, the collapsed project has been named in US court documents as an alleged “pyramid and Ponzi scheme” that bilked investors worldwide of a “staggering” US$1. securities regulators charge Sam Lee and Brenda Chunga over their involvement in HyperFund, a suspected crypto pyramid scheme. Jan 30, 2024 · Xue Lee and Brenda Chunga have both been charged by the US Securities and Exchange Commission (SEC) for their involvement in the fraudulent HyperFund pyramid scheme. However the whole scam model is build on behavioural techniques to keep victims away from reaching this conclusion, and using loss aversion and peer pressure approaches to keep people locked in the scam. Securities and Exchange Commission (SEC) has taken legal action against two prominent figures connected to HyperFund, an alleged crypto pyramid scheme that raised over $1. As per US law, HyperFund’s passive returns investment scheme constituted a securities offering. Sam Jan 30, 2024 · The SEC alleges that HyperFund employed a pyramid scheme-like referral system, enticing members to recruit new investors with the promise of tripling their investments in under two years. HyperFund is a reboot of the collapsed HyperCapital Ponzi scheme. k. Jan 31, 2024 · The U. Pyramid scheme fraud involves an unsustainable business which rewards people for enrolling others into a business that offers a non-existent or worthless product. The US Department of Justice recently asserted that Australian citizen Sam Lee, residing in Dubai, co-founded HyperFund. [1:34] I tried to pay for my Calendly app last night … and my card wouldn’t go Feb 6, 2024 · A guilty plea by one of his co-conspirators, Brenda Chunga, was also unsealed the same day, while another promoter of the scheme, Rodney Burton, was previously arrested on a complaint. Feb 4, 2024 · The court documents refer to crypto schemes run by the HyperTech group collectively as HyperFund but the funds operated under various names, including HyperCapital, HyperFund, HyperVerse and Jan 29, 2024 · However, HyperFund didn't have any mining operations and halted withdrawals in 2021, said prosecutors. Jan 30, 2024 · The US Internal Revenue Service brought forward claims of Burton’s complicity in the fraudulent schemes of Lee and Chunga that collectively netted close to $2 billion. Jan 30, 2024 · The SEC lawsuit contends that Sam Lee and Brenda “Bitcoin Beutee” Chunga, the founders of HyperVerse, engaged in a “pyramid and Ponzi scheme” under various names since 2020. Lee and Chunga allegedly promoted “membership” packages promising high returns from crypto asset mining and ties to a Fortune 500 company. C. Jan 30, 2024 · DOJ and SEC unveil charges in $1. In 2022, the scheme collapsed, leaving investors unable to make withdrawals. Promoter Brenda Chunga (aka Bitcoin Beautee) agrees to settle fraud and unregistered offering charges. - January 29, 2024) - The Securities and Exchange Commission today charged Xue Lee (aka Sam Lee) and Brenda Chunga (aka Bitcoin Beautee) for their involvement in a fraudulent crypto asset pyramid scheme known as HyperFund that raised more than $1. Feb 6, 2024 · The SEC’s complaint said the defendants operated a pyramid scheme advertising significant profits stemming from non-existent revenue streams. Jan 30, 2024 · The Department of Justice has announced criminal charges against two founders of the HyperFund crypto investment scheme, alleging the massive operation defrauded investors out of $1. 7bn from investors worldwide. District Court in Maryland for orchestrating a $1. Tuesday, January 30, 2024. In a stunning development that echoes the recent tumult in the cryptocurrency market, the Securities and Exchange Commission (SEC) has charged the co-founders of HyperFund, Xue Lee and Brenda Chunga, with orchestrating a fraudulent pyramid scheme. . ” According to court documents, from June 2020 to November 2022, Lee and his co-conspirators allegedly offered and sold investment contracts to the public through HyperFund’s online investment platform. Feb 14, 2024 · Asic has defended its failure to issue a warning about the HyperFund and HyperVerse investment schemes, which were the subject of multiple investor warnings overseas throughout 2021 and 2022. Securities and Exchange Commission (SEC) has taken legal action against Xue Lee, known better as Sam Lee, and Brenda Chunga, alias Bitcoin Beautee, for their involvement in a fraudulent cryptocurrency pyramid scheme called HyperFund. 7 billion from investors around the world! According to the SEC, the two defendants advertised HyperFund's "membership" packages from June 2020 through early 2022, claiming to generate high returns for investors through crypto-asset mining operations and partnerships with Jan 4, 2024 · We would like to show you a description here but the site won’t allow us. S. Feb 1, 2024 · Australian cryptocurrency entrepreneur Sam Lee has been charged in the US for his alleged role in a “pyramid and ponzi scheme. sooner or later it will collapse but remember your monies tied in for 600 days. 3 out of 5 stars, with 67% of the reviewers giving it a 1-star rating. The Department of Justice announced criminal charges against two people and the guilty plea of a third person for orchestrating a $1. “The defendants are charged with defrauding investors HyperFund is NOT a Pyramid Scheme because their members don’t get paid through the membership fees that other members pay. 7 billion from investors worldwide. The fraudulent operation collapsed in 2022 and halted withdrawals for the investors. Sam Lee, described as a citizen of Australia residing in Dubai, United Arab Emirates, and Brenda Indah Chunga, a. The legal complaint alleges that the suspects were well aware or showed reckless disregard for the fact that HyperFund functioned as a pyramid scheme, lacking a genuine revenue stream beyond investors’ funds. Jan 30, 2024 · The U. In HyperFund, you make money with your own money, not other members’ money. Jan 29, 2024 · The Securities and Exchange Commission (SEC) has filed charges against HyperFund and its principles alleging a $1. Chunga made nearly $4 million promoting the scheme—which defrauded HyperVerse was a nearly $2 billion fraudulent crypto investment scheme with a fake CEO at its helm, the U. 4. This high-profile case has sent shockwaves through the crypto community, as it involves an alleged $1. The Securities and Exchange Commission charged Xue Lee (aka Sam Lee) and Brenda Chunga (aka Bitcoin Beautee) for their involvement in a fraudulent crypto asset pyramid scheme known as HyperFund that raised more than $1. Jan 30, 2024 · At least two people were behind an alleged $1. Jan 30, 2024 · In the meantime, Chunga pleaded guilty to one count of conspiracy to commit securities fraud and wire fraud and could face up to three years in prison. 9 billion HyperFund cryptocurrency fraud. Jan 30, 2024 · However, the complaint asserts that Lee and Chunga were aware or “recklessly” disregarded the fact that HyperFund was a pyramid scheme and lacked any real revenue source apart from investors’ funds. charges contend that HyperFund was essentially a pyramid scheme with no genuine revenue sources other than investor funds. and Saskatchewan. While the SEC estimates the size of the fraudulent fund to be $1. The U. 7bn from investors by claiming to guarantee high returns when investing in crypto asset mining operations. 89 billion cryptocurrency fraud scheme. Department of Justice (DOJ) has slapped three individuals with criminal charges related to their alleged involvement in a crypto pyramid scheme that looted $1. 7 billion “Crypto Pyramid scheme. Washington D. 9 billion cryptocurrency Ponzi fraud scheme known as HyperFund, among other names. Karatbars was a pyramid scheme turned failed crypto Ponzi scheme. 89 billion. The claims indicate that Burton collected substantial commissions for funneling over $7. Jan 30, 2024 · Lee is linked to multiple crypto schemes, facing SEC and criminal charges. Emma Smedley is a UK-based promoter of the Hyperverse Ponzi scheme. 89bn). Securities and Exchange Commission (SEC) and a grand jury allege in a lawsuit and The U. Acting Assistant Attorney General Nicole Argentieri of the DOJ’s Criminal Division expressed concern over the extensive fraudulent activities, stating, “The Mar 8, 2023 · The scheme reportedly collapsed in 2021 before its founders and top promoters fled to Dubai with their investors’ money. 7 billion Ponzi and pyramid scheme on a global scale. The key element of the system is membership, which can be It secured a guilty plea from a third person involved in a global crypto Ponzi fraud scheme known as HyperFund, among other aliases. 2 years ago he started Hyperfund. Securities and Exchange Commission (SEC) and a grand jury allege in a lawsuit and Jan 30, 2024 · Crypto Scam Promised High Rates of Return. Ok it seems like a lot of people don't know about hyperfund so here are some informations: The founder was already involved in previous scams such as ACX exchange, Media Chain, Hcash and HyperCapital. Sam Lee, 35, an Australian citizen residing in Dubai, United Arab Emirates, was charged in an indictment unsealed today for allegedly co-founding HyperFund, also known as Jan 30, 2024 · This scheme, active from June 2020 to early 2022, raised over $1. Jul 23, 2021 · Koster, a resident of Australia, first appeared on BehindMLM as a promoter of the Dubli pyramid scheme. Both scams are run by Ryan Xu (aka Zijing Xu), under the “HyperTech” umbrella. 89bn (A$2. 9 billion crypto fraud investment scheme HyperFund. Lee, 35, along with two US nationals, Rodney Burton and Brenda Jan 24, 2024 · We would like to show you a description here but the site won’t allow us. Department of Justice said on Monday. Lee initially launched HyperCapital in January 2022 as a decentralized finance ecosystem, only to relaunch it six months later as HyperFund. Founders Xue Lee (aka Sam Lee) and Brenda Aug 1, 2022 · 2022-134. The result was a scheme that allegedly took $1. -- (Newsfile Corp. The SEC took action against Xue Lee, also known as Sam Lee, and Brenda Chunga, aka Bitcoin Beautee, for their roles in orchestrating a fraudulent crypto asset pyramid scheme named HyperFund. Bitcoin Beautee Jan 30, 2024 · As the complaint alleges, however, Lee and Chunga knew or were reckless in not knowing that HyperFund was a pyramid scheme and had no real source of revenue other than funds received from investors. Jan 9, 2024 · HyperVerse was run as what various financial regulators around the world warned was a potential pyramid scheme, and that’s what seems to be presented in the charging documents: members invested Feb 4, 2024 · The charges allege a Ponzi scheme operated under the guise of a lucrative investment opportunity. 9 billion cryptocurrency scam based around a purported DeFi platform, HyperFund, the U. A federal grand jury has returned an indictment charging Sam Lee, age 35, an Australian citizen residing in the United Arab Emirates for allegedly co-founding HyperFund, also known as HyperTech, HyperCapital, HyperVerse, and HyperNation. 9 billion cryptocurrency fraud scheme known as HyperFund. Jan 30, 2024 · Massive crypto Ponzi scheme unravels. However, the SEC claims that HyperFund was a pyramid scheme with no real revenue source other than investor funds. Having failed to resuscitate HyperCash, Ryan Xu has turned HyperTech into a full-blown Ponzi shitcoin factory. You can become an active member once you purchase one of the packages using their currency. Securities and Exchange Commission ( SEC) has taken legal action against two prominent figures connected to HyperFund, an alleged crypto pyramid scheme that raised over $1. A UK bank has frozen a Hyperverse promoter’s account on suspicion of fraud. 1, 2022 —. The Securities and Exchange Commission (SEC) recently revealed charges against the architects of the HyperFund pyramid scheme, Xue Lee and Brenda Chunga, marking a significant development in the crackdown against crypto-related frauds. Sam The Department of Justice announced criminal charges against two people and the guilty plea of a third person for orchestrating a $1. Jan 30, 2024 · The alleged cryptocurrency pyramid scheme, which operated from 2020 until its collapse in 2022, purportedly attracted worldwide investors with promises of substantial returns. Lee (also known as Sam Lee) and Chunga (also known as Bitcoin Beautee) are charged with helping to raise more than $1. The SEC alleges they promised high returns through crypto mining and affiliations with a Fortune 500 company, knowing it was a pyramid scheme relying on new investor funds. He claims to be a crypto guru. , Aug. 7 billion globally. Nov 20, 2023 · Out of 101 reviews, HyperFund has an average rating of 2. DOJ has charged Australian entrepreneur Sam Lee alongside two other individuals for their alleged role in a $1. HyperFund's alleged co-founder Sam Lee, who has Oct 19, 2021 · Germany’s warning follows HyperFund securities fraud warnings issued by Guernsey, the UK and New Zealand. The scheme eventually collapsed in 2022, leaving investors unable to withdraw their funds. The BBC Sounds podcast The Missing Crypto Queen on the OneCoin scam is very good on this. Feb 1, 2024 · The SEC described HyperFund, of which Mr Lee was chair and promotor, as a “pyramid and Ponzi scheme” and alleges Mr Lee and his fellow promoter, US national Brenda Chunga, have defrauded For example, HyperFund promised returns of 0. Hyperfund is can be classified as a Ponzi or MLM scheme, otherwise known as a Pyramid scheme. Jan 30, 2024 · HyperFund had no real source of revenue other than funds received from investors. But the organisation claims HyperFund was a pyramid scheme that had “no real source of revenue” other than the funds Feb 2, 2024 · The HyperFund Case: An Overview. Good answer. 9 billion HyperFund scheme. Hyperfund asks people to deposit USDT with a 300% APR. The Securities and Exchange Commission today charged 11 individuals for their roles in creating and promoting Forsage, a fraudulent crypto pyramid and Ponzi scheme that raised more than $300 million from millions of retail investors worldwide, including in the United States. Dec 14, 2023 · The schemes, which have operated under various names, including HyperFund and HyperVerse, are part of the wider HyperTech group run by Sam Lee and Zijing ‘Ryan’ Xu. This is being done behind the ruse of DeFi, because that’s the current trendy model for MLM crypto shitfuckery. 89 billion from people around the world who were The Department of Justice announced criminal charges against two people and the guilty plea of a third person for orchestrating a $1. . , a fraudulent crypto asset pyramid scheme that raised more than $8. The SEC asserts that the pair promoted HyperFund as an avenue for investors to engage in lucrative cryptocurrency asset mining activities, highlighting purported Dec 14, 2022 · The Securities and Exchange Commission today charged Francisley Valdevino Da Silva, Juan Antonio Tacuri Fajardo, Ramon Antonio Perez Arias, and Jose Ramiro Coronado Reyes for their roles in creating and promoting Forcount Trader Systems, Inc. Jan 30, 2024 · As the complaint alleges, however, Lee and Chunga knew or were reckless in not knowing that HyperFund was a pyramid scheme and had no real source of revenue other than funds received from investors. 08, 2022 in HyperFund, regulation. Smedley took to FaceBook on January 6th to “have a whinge” about her bank. 7bn). 6 billion (US$1. Feb 8, 2024 · Catherina De Solieux is one of several Australians taking legal action against banks who oversaw money transfers to the HyperVerse scheme Jan 30, 2024 · The Securities and Exchange Commission has brought charges against Xue Lee, also known as Sam Lee, and Brenda Chunga, also known as Bitcoin Beautee, for their involvement in an fraudulent crypto Jan 29, 2024 · Washington, D. HyperFund, launched in June 2020, claimed to be a Jan 29, 2024 · The Justice Department today announced charges against two individuals and the guilty plea of a third individual for orchestrating a $1. Jan 29, 2024 · Complaint alleging "a global, crypto asset-related, multi-level marketing pyramid and Ponzi scheme that raised over $1. 7 billion HyperFund crypto pyramid scheme, the SEC said in its latest press release. 7 billion. investors" in U. Jan 30, 2024 · SEC Charges Founder of $1. Chunga has settled with the SEC, agreeing to a permanent injunction and penalties, and has pleaded guilty to securities and wire fraud. 89 billion from investors and refused many the Jan 30, 2024 · US authorities have charged three suspects for their participation in a fraudulent crypto asset pyramid scheme, which garnered over $1. Q. 5% to 1% per day, with the prospect of tripling ones’ initial investment in 600 days. Securities and Exchange Commission (SEC) and a grand jury allege in a lawsuit and Aug 20, 2022 · Hyperverse has received a pyramid scheme fraud warning from the Hungarian National Bank. According to the SEC’s complaint filed in the federal district court in the District of Maryland, Lee and Chunga Jan 30, 2024 · The SEC's complaint outlined that Mr Lee knew or was reckless in not knowing that HyperFund was a pyramid scheme and had no real source of revenue other than funds received from investors. The Securities and Exchange Commission (SEC) also filed a related civil action, charging two individuals involved in the alleged crypto pyramid scheme, which collapsed in 2022. In short, some indicators that suggest their motives: HyperFund is not registered to provide any form of financial services in New Zealand. According to court documents, defendant Lee, allegedly was the co-founder of HyperFund, also known as HyperTech, HyperCapital, HyperVerse, and HyperNation. 7 Billion “HyperFund” Crypto Pyramid Scheme and Top Promoter with Fraud. Securities and Exchange Commission (SEC) has intensified its crackdown on crypto fraud, filing charges against key figures associated with HyperFund. HyperFund’s membership packages were offered and sold as investment Jan 30, 2024 · The SEC claims HyperFund raised more than $1. In a significant crackdown on cryptocurrency fraud, the DOJ and SEC have targeted the HyperFund Feb 2, 2024 · HyperFund Summary. Jan 30, 2024 · The scam, known as "HyperFund," is said to have swindled more than $1. Jan 31, 2024 · The United States Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) have jointly accused HyperFund, a multi-branded company, of orchestrating a fraudulent scheme amounting to $1. Jan 29, 2024 · The Department of Justice announced criminal charges against two people and the guilty plea of a third person for orchestrating a $1. One of its top promoters was Kalpesh Patel, a UK citizen who lives in Dubai. 7 billion from crypto investors worldwide. 7 billion from investors globally. Ultimately, the scheme collapsed in 2022 when investors were no longer able to make withdrawals. As per the HNB’s August 19th warning; HyperFund, which has been advertised more and more frequently in Hungarian social media lately, operates as a multi-level marketing (MLM) type business. Koster was also a Karatbars promoter. 89 billion from investors and refused many the May 6, 2019 · A southern Alberta man is accused of playing a key role in a "gifting circle" pyramid scheme that could involve millions of dollars and hundreds of people in Alberta, B. Article Tags: Finance and Banking. It is said, that you get passive rewards of 0. In parallel civil charges, the SEC accused HyperFund leaders of running an illegal pyramid scheme and falsely promising high yields from crypto mining Jan 29, 2024 · Baltimore, Maryland – Three individuals are charged in U. Jan 29, 2024 · This office and our law enforcement partners will hold perpetrators accountable for these and other fraud schemes. 89 billion from victims. HyperTech was set up in 2020 and since then has been subject to warnings from organizations in New Zealand, Canada, the UK, and Germany. ”. Koster appears to have gotten involved with HyperFund after Karatbars’ collapse last year. Source: CNBC Published Mon, Jan 29 2024 6:13 PM EST Updated Mon, Jan 29 2024 7:27 PM EST The Department of Justice on Monday announced criminal charges against two people and the guilty plea of a third person for orchestrating a worldwide $1. The Charges Feb 15, 2024 · HyperFund is charged with luring investors with promises of outrageous returns exceeding 200% per month, supposedly achieved through their proprietary trading algorithms. Jan 29, 2024 · HyperVerse was a nearly $2 billion fraudulent crypto investment scheme with a fake CEO at its helm, the U. HyperFund also implemented a pyramid scheme-like referral system to reward existing members for recruiting new investors. In 2022, the HyperFund scheme collapsed and investors were no longer able to make withdrawals. 7 billion from victims worldwide, including millions from U. Indian authorities are also reported to be investigating the Ponzi scheme. Feb 22, 2024 · The SEC alleges that for almost two years, from January 2020 until November 2022, Lee conducted a $1. The DOJ accused Australian citizen Sam Lee of co-founding HyperFund and Rodney Burton and Brenda Chunga of promoting it, together defrauding Jan 30, 2024 · Beginning in at least July 2021, HyperFund allegedly began to block investor withdrawals. 7 billion under pretenses, the duo promised Jan 30, 2024 · The US Securities and Exchange Commission (SEC) has charged two masterminds behind the $1. Xue Samuel Lee, a. mg kp rc ao jt zq wy sn yh ww