- HyperVerse CEO Steven Reece Lewis’s credentials exposed as fabricated.
- Celebrity endorsements, including Chuck Norris, under scrutiny for authenticity.
- Regulatory lapses in Australia as HyperVerse operated with minimal oversight.
In a shocking turn of events, The Guardian’s recent investigation has laid bare the intricate web of deception surrounding HyperVerse, a crypto project that allegedly hemorrhaged $1.3 billion in investors’ funds. The project, once touted as a revolutionary digital metaverse with endorsements from celebrities like Chuck Norris, now stands exposed for its dubious practices.
The report dives into the questionable credentials of HyperVerse’s supposed CEO, Steven Reece Lewis, whose qualifications were touted in promotional materials but are found to have no verifiable basis. Neither the University of Leeds nor the University of Cambridge has any record of Lewis’s alleged academic achievements, and official bodies like Companies House and the US Securities and Exchange Commission have no trace of his existence.
What adds another layer of intrigue to this unfolding saga is the revelation that celebrity endorsements, including video messages from Steve Wozniak and Chuck Norris, may have been acquired through paid services like Cameo. The authenticity of these endorsements is now in question, highlighting the lengths to which HyperVerse went to create an illusion of credibility.
Australian entrepreneurs Sam Lee and Ryan Xu, founders of the now-collapsed Blockchain Global, were at the helm of HyperVerse, attracting thousands of investors who ultimately faced substantial losses. The report not only exposes the fraudulent practices of HyperVerse but also raises concerns about regulatory oversight. Despite being flagged as a potential scam by overseas regulators, HyperVerse operated with minimal scrutiny in Australia, putting the spotlight on the Australian Securities and Investments Commission (ASIC).
Investors were lured into HyperVerse with promises of significant returns and the allure of exploring a digital metaverse akin to Facebook. However, the scheme unraveled in 2022, leaving investors grappling with staggering losses, as estimated by blockchain analysts Chainalysis.
As the aftermath of this cryptocurrency scandal continues to unfold, the HyperVerse debacle serves as a stark reminder of the challenges faced by both investors and regulators in navigating the complex world of crypto, where false claims and celebrity endorsements can be manipulated to defraud unsuspecting individuals.
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.