The US Department of Justice (DOJ) has brought charges against three people for defrauding investors of nearly $2 billion.
According to the DOJ, the individuals promoted a fraudulent cryptocurrency investment program that promised investors high returns.
A $1.89 Billion Crypto Scam
In a press release on Jan. 29, 2024, the DOJ said that Sam Lee, an Australian living in the United Arab Emirates (UAE), and American citizens Rodney Burton and Brenda Chunga, perpetrated the $1.89 billion crypto fraud with an investment scheme called HyperFund.
While Lee is said to be the co-founder of HyperFund, Burton and Chunga were promoters of the project, which also had other names such as HyperCapital, HyperNation, HyperVerse, and HyperTech.
Between June 2020 and November 2022, Lee and his promoters allegedly claimed that investors would get 0.5% to 1% daily in passive rewards if the investors bought HyperFund membership packages while promising to double or triple their initial investment.
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