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You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/developments-in-the-hypertech-crypto-fraud-case/" data-wpel-link="internal">Developments in the HyperTech Crypto Fraud Case</a> 
Significant developments are unfolding in a case handled by the United States securities regulator. Accordingly, at least two individuals were behind a fraud scheme involving a cryptocurrency worth $1.7 billion, which once promised investors listing plans on the Hong Kong stock exchange and even hired an actor to play the firm’s CEO in advertisements. 
<h2 class="p1" style="text-align: justify" id="what-s-happening-in-the-hypertech-case">What’s Happening in the HyperTech Case?</h2> 
In a complaint newly filed by the Securities and Exchange Commission, the regulatory body accused Xue Lee and Brenda Chung of being involved in a scheme operating under various names such as HyperFund, HyperVerse, and HyperTech on January 29. 
The duo is alleged to have offered various membership packages to investors with promises of guaranteed and high returns from crypto mining activities, and they used the illicit gains to purchase luxury cars, apartments, and to fund crypto wallets. 
While the <a href="https://en.coin-turk.com/altcoin-analysis-near-theta-and-arb-potential-trends-and-market-dynamics/" data-wpel-link="internal">SEC</a> notes that Chung has accepted the charges and agreed to pay a fine to be determined by a court at a later date, Lee is charged by the U.S. Maryland District Attorney’s Office with conspiracy to commit securities fraud and wire fraud. Chung has admitted to the charges during this process. A third person, organizer Rodney Burton, was also charged by prosecutors. 
<h2 class="p1" style="text-align: justify" id="noteworthy-details-in-the-court-filing">Noteworthy Details in the Court Filing</h2> 
According to the SEC, Lee once told recruiters that HyperTech planned to be listed on the Hong Kong Stock Exchange by 2022. The securities regulator also claims that the duo shared fake screenshots of various media appearances from CNN and an Amazon Prime documentary called Next. They are also accused of sharing fake screenshots of a documentary called Blockchain. 
The SEC alleges that the company’s marketing efforts went as far as to contract a Thai actor to promote the launch of HyperVerse, with the fake actor portraying the company’s CEO. The SEC claims that Lee attracted more members by implementing a referral system similar to a pyramid scheme, rewarding existing members for recruiting new investors, and making false promises that new recruits could participate in initial crypto offerings at 20-30% below market value. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-308894 size-full" src="https://coin-turk.com/wp-content/uploads/2024/01/sec.webp" alt="" width="901" height="318"> 
SEC accuses Chung of personally taking $3.7 million spent on a $1.2 million home in Maryland, a $1.1 million apartment in Dubai, a BMW car, and designer clothes, while Lee is said to have received about $140,000 worth of crypto assets in a wallet under his control. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/developments-in-the-hypertech-crypto-fraud-case/" data-wpel-link="internal">Developments in the HyperTech Crypto Fraud Case</a></h5>

Developments in the HyperTech Crypto Fraud Case

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