HyperVerse

Last updated

HyperVerse
Formerly
  • HyperNation
  • HyperFund
Industry Cryptocurrency
Defunct2024 (2024)
FateDissolved (charged with fraud)

HyperVerse is a defunct cryptocurrency hedge fund (formerly HyperNation, then HyperFund, then HyperVerse in 2021). [1] The collapse of the company resulted in approximately $1.3 billion in customer losses. [2] [3] [4]

Contents

Fake executive controversy

In January 2024, it was revealed that the man named as executive director of HyperVerse, Steven Reece Lewis, never existed. [4] [5] Promotional content claimed that Lewis graduated from the University of Leeds and the University of Cambridge and that he worked at Goldman Sachs, among other achievements. [5] [6] [7]

At the end of January 2024, the US Department of Justice charged Australian entrepreneur Sam Lee, chairman of HyperTech—the company that operated HyperVerse—with conspiracy to commit fraud in the District Court of Maryland. [8] [1]

References

  1. 1 2 Martin, Sarah (17 February 2024). "Astonishing returns, cult overtones and a 'perfect virtual world'. How the HyperVerse scheme caught fire online". The Guardian. ISSN   0261-3077 . Retrieved 18 April 2024.
  2. ↑ Martin, Sarah (13 December 2023). "Investors lose millions as crypto schemes operate unchecked in Australia". The Guardian. ISSN   0261-3077 . Retrieved 5 January 2024.
  3. ↑ Belanger, Ashley (3 January 2024). "Crypto hedge fund CEO may not exist; probe finds no record of identity". Ars Technica. Retrieved 5 January 2024.
  4. 1 2 Martin, Sarah (3 January 2024). "Chief executive of collapsed crypto fund HyperVerse does not appear to exist". The Guardian. ISSN   0261-3077 . Retrieved 5 January 2024.
  5. 1 2 TechHQ (31 January 2024). "How can a crypto fund be managed by a non-existent boss?". TechHQ. Retrieved 12 April 2024.
  6. ↑ Thompson, Polly. "A crypto fund appears to have invented a fake CEO to help trick investors". Business Insider. Retrieved 12 April 2024.
  7. ↑ "The CEO of failed crypto firm HyperVerse boasted an extraordinary résumé. He may be completely made-up". Fortune Crypto. Retrieved 12 April 2024.
  8. ↑ Martin, Sarah (30 January 2024). "Australian Sam Lee charged with conspiracy to commit fraud in US for role in $1.89bn 'Ponzi scheme'". The Guardian. Retrieved 8 February 2024.
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