Hyperverse, also known as HyperFund, was a cryptocurrency scheme that turned out to be a massive scam. It left investors around the world facing losses of around $1.3 billion.
How the scam worked
- Hyperverse promised very high returns of at least 0.5% per day
- This sounded too good to be true – and it was
- Analysis showed Hyperverse had taken in about $1.3 billion by early 2022
Fake CEO and celebrity endorsements
- Hyperverse claimed its CEO was Steven Reece Lewis
- But no record of him could be found at places where he supposedly worked or studied
- The scheme also used celebrity endorsements, but these were likely paid for
Legal action and criticism of regulators
- Rodney Burton, known as “Bitcoin Rodney”, was arrested for his role in promoting Hyperverse
- Australian authorities were criticised for not acting sooner to stop the scam
- In the UK, the Financial Conduct Authority (FCA) had warned HyperFund was a scam
Impact on UK investors
- Many people in the UK lost money to Hyperverse
- They were attracted by promises of high returns from a new technology
- The sheer scale of marketing and complex tactics led people to ignore warnings
- The losses highlight risks of unregulated crypto investments
Help for Hyperverse victims
- While Hyperverse isn’t covered by financial compensation schemes, help is available
- Getting expert assistance after a scam is very important
The Hyperverse story is a cautionary tale for investors. Stay vigilant and be wary of anything that seems too good to be true in the crypto world.