An Australian federal court agreed to a petition by markets regulator ASIC to hand over some US$41 million in digital assets invested by over 450 Australians with the mining companies to specialists from advisory and restructuring company McGrathNicol.
Australian Asset Manager Monochrome Applies With Cboe Australia for a Spot Bitcoin ETF, Eyes Decision By Mid-Year
Australian firm, Monochrome Asset Management, has applied for a spot bitcoin exchange traded fund (ETF) with the global listing exchange, Cboe Australia, it announced on Friday.
Australian Court Dismisses Lawsuit by Market Regulator Against Finder in ‘Landmark’ Ruling for Crypto Industry
An Australian Federal Court handed the Australian cryptocurrency industry a major victory in a landmark judgement on Thursday.
Australians More Likely to Invest in Spot Bitcoin ETFs After U.S. Approval: Study
The U.S. approval of spot bitcoin exchange-traded funds (ETFs) appears to have had a significant positive impact on the view Australians hold of both cryptocurrencies and bitcoin.
Australians More Likely to Invest in Spot Bitcoin ETFs After U.S. Approval: Study
The U.S. approval of spot bitcoin exchange-traded funds (ETFs) appears to have had a significant positive impact on the view Australians hold of both cryptocurrencies and bitcoin.
Australian Judge Hands Split Decision in Market’s Regulator vs Block Earner
An Australian court has given a split decision in a case brought by Australia’s markets regulator against Sydney-based crypto start-up Block Earner.
Bitcoin ETFs in and Around Asia After U.S. Approvals? Analysts Are Optimistic About Momentum
The much-awaited approval of spot-bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) can give unprecedented momentum for similar regulatory approvals in and around Asia.
Bitcoin ETFs in and Around Asia After U.S. Approvals? Analysts Are Optimistic About Momentum
The much-awaited approval of spot-bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) can give unprecedented momentum for similar regulatory approvals in and around Asia.
U.S. Arrests ‘Bitcoin Rodney,’ Alleged HyperVerse Crypto Scheme Promoter, on IRS Charges of Fraud
Rodney Burton was arrested on Friday in Florida and will be transferred to Maryland.
Australian Treasury to Question Regulator Over HyperVerse Crypto Scheme: Report
Australia’s Assistant Treasurer and Minister for Financial Services Stephen Jones has said he would be asking the Australian Securities and Investments Commission (ASIC) why it didn’t warn consumers about the HyperVerse crypto scheme like other nations did.
Crypto Fraud Unveiled: $1.3B Loss As Chuck Norris-Endorsed CEO Turns Out To Be Illusion
In a recent investigation by The Guardian, alarming details have emerged regarding a crypto project, HyperVerse, that allegedly lost $1.3 billion of investors’ funds.
The report reveals that the chief executive officer promoted by the project, supposedly backed by celebrity endorsements including Chuck Norris, appears to be absent.
Investigation Exposes HyperVerse Crypto Scam
HyperVerse, promoted by Australian entrepreneur Sam Lee and his business partner Ryan Xu, founders of the now-collapsed Australian Bitcoin (BTC) company Blockchain Global, has been scrutinized for its deceptive practices. The project attracted thousands of investors, who ultimately lost millions of dollars.
The investigation raises concerns about the legitimacy of HyperVerse’s CEO, as the qualifications and credentials attributed to the supposed chief executive, Steven Reece Lewis, have no basis.
Promotional material released for HyperVerse claimed that Lewis graduated from the University of Leeds and held a master’s degree from the University of Cambridge. However, neither institution has any record of his existence.
Furthermore, there are no records of Lewis on the UK companies register, Companies House, or the US Securities and Exchange Commission (SEC). Interestingly, Adobe, a publicly listed company, also has no record of any acquisition involving a company owned by “Steven Reece Lewis.”
The report indicates that HyperVerse managed to secure celebrity endorsements, including video messages of support from Steve Wozniak, co-founder of Apple, and actor Chuck Norris.
However, it is unclear how these messages were obtained, as all four celebrities mentioned in the report are available for hire through Cameo, where individuals can pay to have high-profile individuals read scripted messages.
Australian Authorities Under Fire
The investigation also highlights regulatory concerns, as HyperVerse operated without significant scrutiny in Australia despite being flagged by regulators overseas as a possible scam or suspected pyramid scheme.
The Australian Securities and Investments Commission (ASIC) has been referred to the case but has not yet taken action.
Investors in HyperVerse were lured with promises of substantial returns and the opportunity to explore a new digital metaverse similar to Facebook. However, the scheme ultimately resulted in significant losses for investors, estimated at $1.3 billion in 2022, according to blockchain analysts Chainalysis.
The Guardian’s findings shed light on the deceptive practices employed by HyperVerse and raise questions about the responsibilities of regulators in overseeing such projects.
As the aftermath of this cryptocurrency scandal unfolds, investors and authorities alike are left grappling with the consequences of a scheme that capitalized on false claims and celebrity endorsements to defraud unsuspecting individuals.
Featured image from Shutterstock, chart from TradingView.com
Animoca-Backed Game Wallet Wars Delegates Release Decision to DAO Vote
The decision to launch Wallet Wars, a Web3 iteration of the 1970s arcade game Space Invaders, was taken by a vote of Balthazar DAO, not a management committe.
Crypto VC C1 With Coinbase Lineage Eyes Acquisition in Australia: Report
Crypto venture capital firm C1, which is led by former Coinbase executives, has met with several cryptocurrency groups and Australian venture firms offering to buy private holdings from investors using its $500 million ($AUD 760 million) fund, according to the Australian Financial Review.
AI regulations in global focus as EU approaches regulation deal
Concerns over potential misuse of AI have prompted the U.S., U.K., China, and the G7 to speed up regulation of the technology, though Europe is already way ahead.
Crypto is the ‘largest growing’ asset class in Aussie DIY pensions
Australians are increasingly adding cryptocurrency to their “self-managed super funds” as a means to secure their retirement life, according to newly released data.
Australia tries again to combat ‘future sectors’ crypto scams
The “Proposed Scams Code Framework” consultation paper aims to delegate clear roles and responsibilities to government and private entities when combatting scams.
TRM Labs Partners With Aussie Crypto Exchange Swyftx to Combat Scams
Blockchain analytics firm TRM Labs has partnered with Australian cryptocurrency exchange Swyftx in an effort to combat scams in the nation.
‘Strap yourselves in’ — Bull market coming early 2024, say crypto exchange heads
The heads of Australia’s largest crypto exchanges say a bull run is coming early next year — others say it’s already arrived.
Australia’s tax agency won’t clarify its confusing, ‘aggressive’ crypto rules
The Australian Tax Office’s new rules on DeFi are unclear on whether capital gains taxes apply to liquid staking and transferring to layer 2 bridges.
Australia Updates Its Capital Gains Tax Guidance to Include Wrapped Tokens and DeFi
Australia’s tax authority has clarified that its capital gains tax on crypto products also extends to wrapped tokens or token interaction with decentralized (DeFi) lending protocols.
