From the beginning, the Australian metaverse became and Crypto The “HyperVerse” fund has already been accused of fraudulent activities. Investors could purchase a membership that promised them a 300% return over a 600-day period. Now, to the frustration of many investors, it turns out that the newly hired CEO doesn't exist at all.
New crypto data: Criminals stole $1.8 billion last year
It turns out that the CEO of the presumed metaverse doesn't exist
HyperVerse was founded by Australian fraudsters Sam Lee and Ryan Xu. The two were already known in Australia for masterminding the rock-solid collapse Crypto exchange “Blockchain Global”. The bankrupt company has outstanding debts of $58 million. However, that didn't stop the two of them from starting a completely new project.
HyperVerse was presented by Lee and Xu as a bold competitor to Facebook's Metaverse. It would simultaneously become a digital world to explore and an opportunity to invest. Although several regulators described the project as a “pyramid scheme” and a “fraud,” it remained under the radar in Australia.
Now one of the world's largest newspapers, The Guardian, has done so special news brought outside. It turns out that a seemingly talented businessman that Lee and Xu recruited as their new CEO does not exist. It turned out he had a bachelor's degree from the University of Leeds and a master's degree from the University of Cambridge. However, both universities say they do not know him.
Fraudulent crypto project causes billions in damage
The CEO named Steven Reece Lewis is also said to have worked at Goldman Sachs and sold a company to Adobe. Two impressive achievements on his resume if that had actually been the case. Both companies have no idea who the man is and say they have no records on him.
It was already known that the whole “HyperVerse” thing sucked. Members of the Metaverse reported back in early 2022 that they were having problems withdrawing funds. They were encouraged to move to the new “HyperNation.”
Lewis, Lee and Xu did not appear in the new project's campaigns. In a Zoom meeting it was mentioned that they all consist of “one big unit”. Chainalysis estimates the damage caused by “HyperVerse” at $1.3 billion.
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