$1.3B Loss As Chuck Norris-Endorsed CEO Turns Out To Be Phantasm

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In a current investigation by The Guardian, alarming particulars have emerged concerning a crypto venture, HyperVerse, that allegedly misplaced $1.3 billion of traders’ funds. 

The report reveals that the chief govt officer promoted by the venture, supposedly backed by superstar endorsements together with Chuck Norris, seems to be absent.

Investigation Exposes HyperVerse Crypto Rip-off

HyperVerse, promoted by Australian entrepreneur Sam Lee and his enterprise companion Ryan Xu, founders of the now-collapsed Australian Bitcoin (BTC) firm Blockchain International, has been scrutinized for its misleading practices. The venture attracted hundreds of traders, who finally misplaced tens of millions of {dollars}.

The investigation raises considerations in regards to the legitimacy of HyperVerse’s CEO, because the {qualifications} and credentials attributed to the supposed chief govt, Steven Reece Lewis, haven’t any foundation. 

Promotional materials launched for HyperVerse claimed that Lewis graduated from the College of Leeds and held a grasp’s diploma from the College of Cambridge. Nonetheless, neither establishment has any file of his existence.

Moreover, there aren’t any data of Lewis on the UK corporations register, Corporations Home, or the US Securities and Trade Fee (SEC). Apparently, Adobe, a publicly listed firm, additionally has no file of any acquisition involving an organization owned by “Steven Reece Lewis.”

The report signifies that HyperVerse managed to safe superstar endorsements, together with video messages of help from Steve Wozniak, co-founder of Apple, and actor Chuck Norris. 

Nonetheless, it’s unclear how these messages had been obtained, as all 4 celebrities talked about within the report can be found for rent via Cameo, the place people pays to have high-profile people learn scripted messages.

Australian Authorities Below Hearth

The investigation additionally highlights regulatory considerations, as HyperVerse operated with out vital scrutiny in Australia regardless of being flagged by regulators abroad as a attainable rip-off or suspected pyramid scheme. 

The Australian Securities and Investments Fee (ASIC) has been referred to the case however has not but taken motion.

Traders in HyperVerse had been lured with guarantees of considerable returns and the chance to discover a brand new digital metaverse much like FbNonetheless, the scheme finally resulted in vital losses for traders, estimated at $1.3 billion in 2022, in line with blockchain analysts Chainalysis.

The Guardian’s findings make clear the misleading practices employed by HyperVerse and lift questions in regards to the tasks of regulators in overseeing such tasks. 

Because the aftermath of this cryptocurrency scandal unfolds, traders and authorities alike are left grappling with the results of a scheme that capitalized on false claims and superstar endorsements to defraud unsuspecting people.

The 1-day chart reveals the overall crypto market cap’s 2% restoration previously 24 hours. Supply: TOTAL on coinnewswirescom.online

Featured picture from Shutterstock, chart from coinnewswirescom.online 

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