"US Authorities Uncover $1.9 Billion HyperFund Cryptocurrency Fraud"

The DOJ has charged an Australian and two Americans with orchestrating a $1.9 billion cryptocurrency scam through the purported DeFi platform, HyperFund, by making false claims about investment returns from non-existent cryptocurrency mining operations. The trio faces charges including conspiracy to commit securities and wire fraud, and running an unlicensed money-transmitting business, with potential maximum sentences of five years in federal prison if convicted. This case reflects increased efforts by law enforcement to curb cryptocurrency scams, as over $1.7 billion in cryptocurrency was reported stolen in 2023, and recent incidents involving fake airdrops and scams targeting Solana holders.