The Australian metaverse and crypto fund “HyperVerse”, operating between 2020 and 2022, is known as a major crypto Ponzi scheme. Investors enjoy high returns, but have no access to “their” funds. Several victims are now going to court, including a woman who lost her home as a result of the scam.
HyperVerse crypto scam
Thousands of investors have watched millions of dollars go up in smoke thanks to the HyperVerse project.
HyperVerse has been known by several names in the past, including HyperFund, HyperTech, HyperOne and HyperNation.
The site is regularly renamed, but it cannot escape the fact that it is a classic Ponzi scheme, generating “returns” for early investors made from the money put in by newer investors.
HyperVerse was presented as a bold competitor to Facebook’s Metaverse. It promised not only a digital world, but also an investment opportunity. HyperVerse was just one of many fraudulent crypto investment schemes created and managed by Ryan Xu and Sam Lee.
HyperVerse lured investors with the guarantee of daily returns of 0.5% to 1%. After depositing, investors are shown a fake trading dashboard with inflated profits.
In total, investors are said to have been defrauded of $1.89 billion. This corresponds to 1.76 billion euros.
Some time ago you could also read in crypto news that the newly hired CEO of HyperVerse apparently doesn’t exist.
71-year-old woman loses house
An article from The Guardian reveals the harrowing personal story of a 71-year-old retired Australian woman named Vera Gazzard.
She is one of thousands who have been won over by HyperVerse’s sweet talk. After initially investing small amounts, she made a mega deposit of $80,000.
Although De Solieux was initially able to withdraw money – about $10,000 – the rest disappeared within a few months.
“I lost my house,” she says three years later. “I lost all my money.” I couldn’t pay the mortgage. When I finally sold the house and paid off the rest of the mortgage, I was in a lot of debt – I didn’t have much left.”
The financial drama even led to depression and suicidal thoughts for De Solieux. “I became terribly depressed and wanted to commit suicide. It’s a terrible thing to admit to anyone, but that’s how I felt,” De Solieux said.
De Solieux is among victims joining a class action lawsuit, also known as a class action lawsuit, aimed at recovering lost money from the banks that oversaw transfers to the project.
The fraud case highlights the importance of doing thorough research before investing your money. The story of De Solieux shows what dramatic consequences a reckless investment can have.
If something seems too good to be true, it usually is. There are no certainties in the investment landscape and this is important to keep in mind.