A probe into the affairs of the collapsed crypto fund Hyperverse has determined that its highly educated CEO may not exist. The investigation also found that before its collapse, Hyperverse and its CEO both enjoyed celebrity support.
The CEO's Records Do Not Exist
An investigation into the circumstances that led to the collapse of the crypto venture fund Hyperverse has determined that Steven Reece Lewis, the company's supposed CEO, may not exist. According to the findings of the probe, neither the University of Leeds nor the University of Cambridge have any record of Lewis as a graduate of their respective institutions.
The investigation, which was carried out by The Guardian Australia, also revealed that Lewis' name cannot be found on either the U.K. companies' register or with the U.S. Securities and Exchange Commission. Similarly, the tech firm Adobe and the financial services giant Goldman Sachs have no record of the collapsed crypto fund's CEO.
Businessman Sam Lee and his business partner, Ryan Xu, are suspected to be the brains behind Hyperverse, but both have reportedly denied claims linking them to the collapsed firm.
Celebrity Endorsement
Besides using fake qualifications and a non-existent CEO, promoters of Hyperverse also used celebrity endorsements to give the scheme a semblance of legitimacy. Some of the celebrities who have appeared in videos endorsing both Lewis and the crypto fund are Steve Wozniak, Chuck Norris, Jim Norton, and Lance Bass.
However, in its report, the Australian publication acknowledged that the celebrities may not have been aware that Hyperverse was using videos in which they feature to promote a pyramid scheme. According to the publication, Hyperverse lured victims by promising guaranteed minimum returns of 0.5% per day to investors who bought "memberships." The celebrity support was seemingly key to the collapsed crypto fund's plans, the publication concluded.
Meanwhile, the publication's findings came just a few weeks after a report suggested that investors may have lost millions of dollars to scammers behind Hyperverse. According to the blockchain intelligence firm Chainalysis, investor losses are estimated to be around $1.3 billion.
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Source: Bitcoin.com
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