HyperVerse touted itself as a futuristic decentralized platform for cryptocurrency trading, social networking, and gaming. It was founded by both Sam Lee and Ryan Xu. Inviting investors from around the world, the two led members to believe that they could achieve new financial freedoms and fantastic returns. Unfortunately, behind their punchy marketing campaigns was an elaborate scheme of deception and manipulation that has been recently uncovered by regulators across the world.
Website – http://thehyperfund.online, https://thehyperfund.com/, https://www.hypercommunity.link/
Website Working – NO
Address – NA
Regulatory Warning – Financial Conduct Authority (United Kingdom) and Australian Securities and Investments Commission (Australia)
Domain Blacklisted Status – It seems there is no direct mention of this domain being on a blacklist.
The Functioning of HyperVerse as a Scam
HyperVerse functioned as part Ponzi scheme, and part pyramid scheme. Initially recruiting members with promises of daily rewards for every day using the platform, and bonus rewards for every new user they referred. With each additional recruit the more money that users could “earn.” Instead of generating commissions from any sales of actual goods/services, their commissions were solely based on the recruitment of new investors; classic tricks in primed schemes – pyramid schemes.
It returned initial investor returns with money from new investors; evidence of a Ponzi scheme. HyperVerse, to push for continued recruiting based everyone on grossly lucrative rewards, offered rewards of 98%. They promoted an endless chain of referrals, without any meaningful underlying economic activity.
The Founders’ Checkered Past
Sam Lee and Ryan Xu, the founders of HyperVerse, have a not-so-sterling history with Blockchain Global- another failed business. The HyperVerse company appears to be continually evolving, previous iterations have been branded HyperFund, HyperTech, HyperOne, and HyperNation to name a few, possibly leveraging each company’s bad press to rebrand and continue to prey on new victims.
Regulatory Alerts
HyperVerse (along with its previous iterations) has officially been called out publicly by the Australian Securities and Investments Commission (ASIC) and the UK’s Financial Conduct Authority (FCA) for operating fraudulently.
Have You Fallen Victim to a Scam?
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