2023 is coming to a close and, although there have been many notable scams within the trading world this year, one which is continuing to send shockwaves across the internet is the HyperVerse crypto scam.
Fake investment opportunities, such as the HyperVerse scam, make up a huge network of scam trading sites duping traders into parting with their funds in exchange for promised high returns, which never come to fruition. Traders who have fallen victim to the HyperVerse crypto scam are continuing to make themselves known, so here we take a look at what the HyperVerse crypto scam is and what you can do if you have fallen victim.
Fake Investment Sites
Fake investment sites are in operation across the internet. They often don’t use a fixed name, instead choosing to alter their website titles and domain addresses. Victims of fake investment sites, like HyperVerse, will often find ads or fake articles on social media or forums which entice them into visiting the platform. Often, these sites will use celebrity impersonation scams to make their sites seem legitimate. In the case of the HyperVerse scam, it was often something that was referred to traders by seemingly trusted sources, such as friends or those seemingly in the know.
Once the victim has provided their personal contact information, they are then contacted by the scammers who encourage them to make deposits or trades. Traders will be shown false trading dashboards once they have made a deposit which will display incorrect information or show overly exaggerated profits. As many victims of the HyperVerse crypto scam will know, the realisation that they have fallen victim to a scam comes when they try to withdraw their funds and find that they have been deceived. Victims of the HyperVerse crypto scam have noted that, when they tried to retrieve their funds, they were told the transaction was pending, but that quickly changed to excuses about there being technical issues, or server glitches. They were then left with nothing.
The HyperVerse crypto scam (also known as HyperFund) is predicted to have generated roughly $1.3 billion in the past year alone through lost funds, after promising daily returns of 0.5% – 1% to traders who parted with their money, only to take it from them. The thing to remember with trading and crypto is that if promised returns seem too good to be true and are unbelievably high, then the chances are that it is a crypto scam.
HyperVerse or HyperFund?
HyperVerse, as it is now known, has had multiple different names in the past; HyperFund, HyperTech, HyperOne and HyperNation. The site regularly rebrands itself, however, it can’t get away from the fact that it is a Ponzi scheme and is a fraudulent investment scam which generates “returns” for early investors, taken from money used by newer investors. Traders in Australia have been particularly hit by the HyperVerse crypto scam, with thousands of investors losing millions of dollars through crypto schemes fronted by HyperVerse.
Founders Of HyperVerse
HyperVerse was just one of many crypto investment schemes set up and run by Ryan Xu and Sam Lee. Lee, once given the title “prince of Bitcoin” and Xu, who supported himself as one of the “Chinese kings of Bitcoin”, were also the founders of the collapsed Australian Bitcoin company Blockchain Global which, in 2021, was put into administration and still owes creditors upwards of $58m. There are numerous allegations surrounding the pair’s business operations and, separately to Blockchain Global, Lee and Xu have promoted other failed crypto investment schemes alongside HyperVerse, which have subsequently left traders unable to withdraw their funds.
The failure of these schemes has led to thousands of people across the globe losing their deposits and has raised concerns about regulator’s roles in warning investors about investing in high-risk and unregulated schemes, including the HyperVerse scam. The operation of Lee and Xu’s numerous platforms, mostly those under the Hyper group, has since generated consumer warnings from different global watchdog groups, including Canada, Hungary and the UK. The Financial Market Authority in New Zealand has also issued a public warning stating that they “are concerned that HyperVerse may be operating a scam”.
What To Do If You Have Been A Victim Of The HyperVerse Crypto Scam
If you believe that you have been the victim of the HyperVerse crypto scam, or one of its linked associated brands, then our team of experienced UK-based lawyers may be able to help you recover your losses. Our team has recovered millions in lost funds for our clients, so get in touch with our team today to get your journey started.
UPDATE: Sam Lee has now been charged with conspiracy to commit fraud as a result of the HyperVerse scam. If you have been the victim of the HyperVerse crypto scam, then we can help you recover your lost funds. Contact us today.
Contact WRS Today
If you’ve lost money through the HyperVerse crypto scam, get in touch with our team of award-winning solicitors to start your recovery.