Allegations have surfaced from both the U.S. Securities and Exchange Commission (SEC) and a grand jury, casting HyperVerse into the spotlight as a purported crypto scam program.
Accusations outlined in a lawsuit and criminal indictments suggest that HyperVerse orchestrated a fraudulent crypto investment scheme totaling $2 billion.
Under the guise of a fake CEO, the online investment venture allegedly deceived investors with promises of high returns and low risk.
HyperVerse, in collaboration with associated entities like HyperFund, HyperCapital, and HyperTech, allegedly devised and executed this large-scale crypto scam.
Key figures, including Xue Lee (aka Sam Lee) and Brenda “Bitcoin Beautee” Chunga, purportedly promoted investment packages while misappropriating funds for personal gain.
Chunga, having agreed to settle SEC charges, faces civil penalties, while criminal charges of conspiracy to commit securities fraud and wire fraud have been levied against both her and Lee by the U.S. Attorney’s Office for the District of Maryland.
The SEC further alleges that the duo circulated fabricated media appearances and enlisted a hired actor to pose as HyperVerse's CEO.
In a breakdown provided by the SEC, Chunga reportedly diverted funds for personal use, acquiring luxury items and properties, while Lee amassed a significant sum in crypto assets.
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