Hyperverse added to New Zealand’s HyperFund fraud warning
Hyperverse has been added to New Zealand’s HyperFund securities fraud warning.
New Zealand’s Financial Markets Authority issued their original HyperFund fraud warning on September 30th, 2021.
HyperFund collapsed and was rebooted as Hyperverse in early December.
On or around December 20th, the FMA added Hyperverse and the domain “thehyperverse.net” to its warning.
HyperFund operates on a Multi-Level Marketing (MLM) model and claims to offers passive investment opportunities.
We have received reports of them recruiting affiliate investors in New Zealand. It is not registered or licensed to provide financial services/products in New Zealand.
The website thehyperfund.com now redirects to thehyperverse.net.
Hyperverse hasn’t officially collapsed but continues to restrict withdrawals.
Affiliates who don’t recruit new investors are punished with GNX tokens they can’t withdraw.
Hyperverse owners Ryan Xu and Sam Lee fled to Dubai last year.
Xu and Lee have remained in hiding since it emerged Australian liquidators were seeking to recover tens of millions in losses.
The majority of Hyperverse victims are believed to be in the US. US regulators are yet to take action against Hyperverse or its executives.