The US Department of Justice and the SEC accused HyperFund of fraud in the amount of almost $ 2 billion
The U.S. Department of Justice and the SEC have filed charges against the organizer and two HyperFund promoters. They are accused of fraud in the amount of $ 1.89 billion. The attackers lured investors with promises of passive income secured by investments in crypto assets.
The Justice Department and the U.S. Securities and Exchange Commission (SEC) have accused HyperFund of fraud for $1.89 billion. Judging by the case file, this "Ponzi scheme" was created by Sam Lee in 2020. Later, Brenda Chung and another person involved in the case, Rodney Burton, began to promote cryptopyramide, positioning it as a highly effective investment. It operated under several brands, including: HyperFund, HyperVerse, HyperTech, HyperCapital, HyperNation. The organization worked from June 2020 to November 2022.
Investors were promised a passive income from 0.5 to 1% of the deposit, noted in the decree of the Ministry of Justice. The organizers indicated algorithmic investments in crypto assets with guaranteed returns as a source of financial income.
The papers indicate that Brenda Chung pleaded guilty to one count of conspiracy to defraud. She also agreed to pay a fine in the SEC administrative case.
She, like the rest of the defendants in the case, faces a prison term of five years. The further fate of the funds received from the defrauded investors is not specified.
Source: Incrypted
