US Attorneys Charge HyperVerse Founder Sam Lee with Securities and Wire Fraud
US Attorneys in Maryland and the US Securities and Exchange Commission (SEC) have taken legal action against Sam Lee, the co-founder of the HyperVerse cryptocurrency investment scheme. Lee stands accused of securities fraud and wire fraud, marking the second criminal charge related to HyperVerse in recent days.
The charges come after HyperVerse defrauded victims of an estimated $1.3 billion to $1.9 billion, depending on varying estimates. The SEC specifically accused Sam Lee and a major HyperVerse promoter known as Brenda Indah Chunga, also known as Bitcoin Beautee, of securities fraud and offering unregistered securities.
The legal actions highlight the authorities’ commitment to cracking down on fraudulent cryptocurrency investment schemes. HyperVerse, which promised significant returns on investments, has left countless victims suffering from substantial financial losses.
US Attorney Robert K. Hur emphasized the severity of the charges, stating, We will relentlessly pursue those who fictitiously promise large profits to investors with no intention of delivering on their commitments. Hur urged any individuals who may have fallen victim to the HyperVerse scheme to come forward and report their experiences.
The charges follow the recent arrest of another HyperVerse promoter, known as Bitcoin Rodney, further underscoring the government’s determination to bring those responsible for this massive fraud to justice.
Cryptocurrency scams have become increasingly prevalent in recent years, exploiting the growing interest and excitement surrounding digital currencies. Fraudsters often utilize elaborate marketing strategies and false promises to lure unsuspecting individuals into investing their hard-earned money in fraudulent schemes.
The SEC and US Attorneys are working tirelessly to protect investors and maintain the integrity of the financial markets. The charges against Sam Lee and other individuals associated with HyperVerse demonstrate their commitment to holding fraudulent actors accountable.
The HyperVerse case serves as a reminder for individuals to exercise caution and perform thorough due diligence before investing in any cryptocurrency scheme. Conducting research, seeking advice from reputable sources, and verifying the legitimacy of investment opportunities can help potential investors avoid falling victim to scams.
While the legal proceedings against Sam Lee and other individuals progress, authorities are encouraging anyone affected by the HyperVerse cryptocurrency investment scheme to report their losses promptly. By coming forward, victims can help law enforcement build a stronger case and potentially recover some of the funds.
Investors and individuals interested in cryptocurrencies should remain vigilant in the face of increased fraud within the industry. It is crucial to remain informed, stay skeptical of unrealistic promises, and report any suspicious activities to the appropriate authorities.
As the legal action unfolds, it is hoped that this crackdown on fraudulent cryptocurrency schemes will deter future scammers and protect innocent investors from financial devastation.
