According to WuSay, British authorities have officially closed down a crypto academy, Amey Finance Academy, which was suspected of being involved in a $1.7 billion crypto Ponzi scheme. Amey Finance Academy provided advice to people who wanted to invest in cryptocurrency schemes, but some customers lost all their money due to misleading promises made by the company's sole director and shareholder.
The college is also suspected of promoting a crypto scheme called HyperFund (later known as HyperVerse), and the two main operators of HyperVerse have been sued by the SEC, accusing the company of running a $1.7 billion fraud scheme. However, because Amey failed to provide the latest accounting records, the UK Insolvency Service is unable to determine the true relationship between the college and HyperVerse. A review of Amey College's bank accounts found that $6.3 million flowed between October 2019 and March 2022, but the company's assets and liabilities could not be determined.
