The HyperTech Group series of Ponzi schemes have received a securities fraud warning from the Australian Securities and Investments Commission (ASIC).

HyperTech Group related Ponzi schemes cited by ASIC in their March 1st warnings include:

ASIC warns the HyperTech Group Ponzi schemes are

likely to be offering financial services to Australian consumers.

[They do] not hold an Australian financial services licence or Australian credit licence from ASIC, and [are] not authorised by a licensee.

Offering securities without registration with ASIC constitutes securities fraud under Australian law.

The HyperTech Group series of Ponzi schemes were created by co-founders Ryan Xu and Sam Lee.

In order, the HyperTech Group Ponzi schemes operated as HyperCash (HCASH), HyperCapital, HyperMining, HyperFund, Hyperverse and HyperNation. HyperOne, HyperCosmos and Satoshi AI.

In 2021 both Xu and Lee fled Australia for Dubai. As HyperFund collapsed into late 2021, Xu went into hiding. This left Lee to launch one Ponzi reboot disaster after another.

After he was done flogging the Hyper* branding for his Ponzi schemes, in mid 2022 Lee came up with StableDAO.

StableDAO was essentially HyperTech Group 2.0, through which Lee launched StableOpinion, VidiLook (rebooted as ViviLook 2.0 and then again as VEND), WeAreAllSatoshi, Satoshi Math Club and Boomerang Trade (aka Boomerang Arbitrage Trading).

At some point Lee had a falling out with accomplice Shavez Ahmed Siddiqui, an Indian national also hiding in Dubai.

This saw Shavez take over We Are All Satoshi (WAAS), splintering what was left of Lee’s Hyper* Ponzi empire.

Lee and two HyperFund promoters were indicted in the US back in January. The SEC has also filed parallel civil fraud charges.

Lee, now a wanted fugitive sheltered by Dubai’s authorities, claims he was indicted because victims “lied to regulators”.

Lee is believed to hold an Australian passport. It’s unclear whether Australian authorities will take any further action.