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US authorities level out that many high-profile crypto scams are popping out of Dubai, in response to a Bloomberg report.
A high-profile ponzi scheme has come to mild which entails Sam Lee, co-founder of HyperVerse, an organization accused of orchestrating a $2 billion fraud. HyperVerse managed to flee scrutiny in each Australia and Dubai.
The case of HyperVerse will not be an remoted incident. Different notable examples embrace OneCoin – a world ponzi scheme that scammed buyers out of roughly $4.4 billion by promising huge returns by way of a non-existent cryptocurrency.
Discover: Dubai Tightens Regulations On Crypto Marketing
Scammers Embrace OneCoin, Bitconnect, GainBitcoin
One other instance is Bitconnect- a lending platform that collapsed in 2018 after defrauding buyers of round $1 billion.
GainBitcoin is one other instance of a multi-level advertising scheme providing Bitcoin mining contracts that resulted in losses estimated at $2.7 billion.
These circumstances underscore the size and class of crypto scams working in areas like Dubai.
Lee’s HyperVerse Has Already Been Charged By US Authorities
A high-profile pozi scheme has come to mild which entails Sam Lee, co-founder of HyperVerse, an organization accused of orchestrating a $2 billion fraud. HyperVerse managed to flee scrutiny in each Australia and Dubai.
The corporate promised day by day returns of as much as 1% by way of blockchain-based methods however was allegedly nothing greater than a complicated façade for an old school Ponzi scheme. The scheme relied on new investments to pay returns to earlier buyers somewhat than producing earnings from reputable enterprise actions.
Lee, an Australian citizen residing in Dubai, has denied the allegations, attributing any misuse of funds to others throughout the group.
Based on a Guardian investigation, HyperVerse crypto scheme was promoted by the Lee and his enterprise accomplice, Ryan Xu, two of the founders of the collapsed Australian bitcoin firm Blockchain World.
Regardless of US authorities charging him with securities and wire fraud, Lee stays unperturbed, claiming inadequate proof in opposition to him.
Is the HyperFund Crypto Rip-off restarting as HyperVerse in Nepal?#HyperFundCryptoScam #HyperVerse #Nepal #Cryptocurrency #Restart #Investment #CryptoScam #HyperFund #HyperVerseRestart pic.twitter.com/6PhlMTv9bU
— ComplaintBox TV (@ComplaintBoxTV) October 4, 2023
Learn extra: New UAE Regulations Could Potentially Ban Crypto Payments, Says Crypto Lawyer Irina Heaver
The submit US Authorities Think Dubai Is Ripe For Crypto Scams, Pyramid And Ponzi Schemes appeared first on 99Bitcoins.
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