4 months ago
In a caller probe by The Guardian, alarming details person emerged regarding a crypto project, HyperVerse, that allegedly mislaid $1.3 cardinal of investors’ funds.
The report reveals that the main enforcement serviceman promoted by the project, supposedly backed by personage endorsements including Chuck Norris, appears to beryllium absent.
Investigation Exposes HyperVerse Crypto Scam
HyperVerse, promoted by Australian entrepreneur Sam Lee and his concern spouse Ryan Xu, founders of the now-collapsed Australian Bitcoin (BTC) institution Blockchain Global, has been scrutinized for its deceptive practices. The task attracted thousands of investors, who yet mislaid millions of dollars.
The probe raises concerns astir the legitimacy of HyperVerse’s CEO, arsenic the qualifications and credentials attributed to the expected main executive, Steven Reece Lewis, person nary basis.
Promotional worldly released for HyperVerse claimed that Lewis graduated from the University of Leeds and held a master’s grade from the University of Cambridge. However, neither instauration has immoderate grounds of his existence.
Furthermore, determination are nary records of Lewis connected the UK companies register, Companies House, oregon the US Securities and Exchange Commission (SEC). Interestingly, Adobe, a publically listed company, besides has nary grounds of immoderate acquisition involving a institution owned by “Steven Reece Lewis.”
The study indicates that HyperVerse managed to unafraid celebrity endorsements, including video messages of enactment from Steve Wozniak, co-founder of Apple, and histrion Chuck Norris.
However, it is unclear however these messages were obtained, arsenic each 4 celebrities mentioned successful the study are disposable for prosecute done Cameo, wherever individuals tin wage to person high-profile individuals work scripted messages.
Australian Authorities Under Fire
The probe besides highlights regulatory concerns, arsenic HyperVerse operated without important scrutiny successful Australia contempt being flagged by regulators overseas arsenic a imaginable scam oregon suspected pyramid scheme.
The Australian Securities and Investments Commission (ASIC) has been referred to the lawsuit but has not yet taken action.
Investors successful HyperVerse were lured with promises of important returns and the accidental to research a caller integer metaverse akin to Facebook. However, the strategy yet resulted successful important losses for investors, estimated astatine $1.3 cardinal successful 2022, according to blockchain analysts Chainalysis.
The Guardian’s findings shed airy connected the deceptive practices employed by HyperVerse and rise questions astir the responsibilities of regulators successful overseeing specified projects.
As the aftermath of this cryptocurrency ungraded unfolds, investors and authorities alike are near grappling with the consequences of a strategy that capitalized connected mendacious claims and personage endorsements to defraud unsuspecting individuals.
Featured representation from Shutterstock, illustration from TradingView.com
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