"Authorities Uncover $1.9 Billion Cryptocurrency Fraud Schemes"

The Department of Justice has announced criminal charges against two individuals and the guilty plea of a third person for orchestrating a $1.9 billion cryptocurrency fraud scheme known as HyperFund, with the Securities and Exchange Commission also filing related civil charges against two of the individuals involved. The defendants falsely claimed that investors in HyperFund would receive substantial returns from cryptocurrency mining operations that did not exist, with the DOJ calling the level of alleged fraud staggering. Charged in the criminal case were Sam Lee, an Australian citizen living in Dubai, as well as two HyperFund promoters, Rodney Burton and Brenda Chung.