In a recent investigation by The Guardian, alarming details have emerged regarding a crypto project, HyperVerse, that allegedly lost $1.3 billion of investors\u2019 funds.\u00a0<\/p>\n
The report <\/a>reveals that the chief executive officer promoted by the project, supposedly backed by celebrity endorsements including Chuck Norris, appears to be absent.<\/p>\n HyperVerse, promoted by Australian entrepreneur Sam Lee and his business partner Ryan Xu, founders of the now-collapsed Australian Bitcoin (BTC) company Blockchain Global, has been scrutinized<\/a> for its deceptive practices. The project attracted thousands of investors, who ultimately lost millions of dollars.<\/p>\n The investigation raises concerns about the legitimacy of HyperVerse\u2019s CEO, as the qualifications and credentials attributed to the supposed chief executive, Steven Reece Lewis, have no basis.\u00a0<\/p>\n Promotional material <\/a>released for HyperVerse claimed that Lewis graduated from the University of Leeds and held a master\u2019s degree from the University of Cambridge. However, neither institution has any record of his existence.<\/p>\n Furthermore, there are no records of Lewis on the UK companies register, Companies House, or the US Securities and Exchange Commission (SEC).\u00a0Interestingly, Adobe, a publicly listed company, also has no record of any acquisition involving a company owned by \u201cSteven Reece Lewis.\u201d<\/p>\n The report indicates that HyperVerse managed to secure celebrity endorsements<\/a>, including video messages of support from Steve Wozniak, co-founder of Apple, and actor Chuck Norris.\u00a0<\/p>\n However, it is unclear how these messages were obtained, as all four celebrities mentioned in the report are available for hire through Cameo, where individuals can pay to have high-profile individuals read scripted messages.<\/p>\n The investigation also highlights regulatory concerns, as HyperVerse operated without significant scrutiny in Australia despite being flagged by regulators <\/a>overseas as a possible scam or suspected pyramid scheme.\u00a0<\/p>\n The Australian Securities and Investments Commission (ASIC) has been referred to the case but has not yet taken action.<\/p>\n Investors in HyperVerse were lured with promises of substantial returns and the opportunity to explore a new digital metaverse similar to Facebook<\/a>.\u00a0However, the scheme ultimately resulted in significant losses for investors, estimated at $1.3 billion in 2022, according to blockchain analysts Chainalysis.<\/p>\n The Guardian\u2019s findings shed light on the deceptive practices employed by HyperVerse and raise questions about the responsibilities of regulators in overseeing such projects.\u00a0<\/p>\n As the aftermath of this cryptocurrency scandal unfolds, investors and authorities alike are left grappling with the consequences of a scheme that capitalized on false claims and celebrity endorsements to defraud unsuspecting individuals.<\/p>\n Featured image from Shutterstock, chart from TradingView.com\u00a0<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n In a recent investigation by The Guardian, alarming details have emerged regarding a crypto project, HyperVerse, that allegedly lost $1.3 billion of investors\u2019 funds.\u00a0<\/p>\n The report <\/a>reveals that the chief executive officer promoted by the project, supposedly backed by celebrity endorsements including Chuck Norris, appears to be absent.<\/p>\n HyperVerse, promoted by Australian entrepreneur Sam Lee and his business partner Ryan Xu, founders of the now-collapsed Australian Bitcoin (BTC) company Blockchain Global, has been scrutinized<\/a> for its deceptive practices. The project attracted thousands of investors, who ultimately lost millions of dollars.<\/p>\n The investigation raises concerns about the legitimacy of HyperVerse\u2019s CEO, as the qualifications and credentials attributed to the supposed chief executive, Steven Reece Lewis, have no basis.\u00a0<\/p>\n Promotional material <\/a>released for HyperVerse claimed that Lewis graduated from the University of Leeds and held a master\u2019s degree from the University of Cambridge. However, neither institution has any record of his existence.<\/p>\n Furthermore, there are no records of Lewis on the UK companies register, Companies House, or the US Securities and Exchange Commission (SEC).\u00a0Interestingly, Adobe, a publicly listed company, also has no record of any acquisition involving a company owned by \u201cSteven Reece Lewis.\u201d<\/p>\n The report indicates that HyperVerse managed to secure celebrity endorsements<\/a>, including video messages of support from Steve Wozniak, co-founder of Apple, and actor Chuck Norris.\u00a0<\/p>\n However, it is unclear how these messages were obtained, as all four celebrities mentioned in the report are available for hire through Cameo, where individuals can pay to have high-profile individuals read scripted messages.<\/p>\n The investigation also highlights regulatory concerns, as HyperVerse operated without significant scrutiny in Australia despite being flagged by regulators <\/a>overseas as a possible scam or suspected pyramid scheme.\u00a0<\/p>\n The Australian Securities and Investments Commission (ASIC) has been referred to the case but has not yet taken action.<\/p>\nInvestigation Exposes HyperVerse Crypto Scam<\/h2>\n
Australian Authorities Under Fire<\/h2>\n
Investigation Exposes HyperVerse Crypto Scam<\/h2>\n
Australian Authorities Under Fire<\/h2>\n