Australian Blockchain Entrepreneur Sam Lee Charged in $1.89bn Crypto Fraud Scheme

US authorities accuse Lee and co-conspirator Brenda Chunga of operating pyramid and Ponzi schemes that allegedly defrauded investors worldwide.

Sam Lee, an Australian blockchain entrepreneur, has been charged with conspiracy to commit fraud in the US for his alleged role in operating the HyperVerse crypto investment schemes, which are described as a pyramid and Ponzi scheme that allegedly defrauded investors of US$1.89bn.
The charges against Lee come alongside the charge and arrest of another US promoter of the HyperVerse and HyperFund crypto schemes, Brenda Chunga, who has pleaded guilty to conspiracy to commit securities and wire fraud for her role.
The criminal complaint alleges that Lee and his co-conspirators operated the Hyper schemes to unjustly enrich themselves by inducing investors into the scheme.
The SEC complaint outlines Lee’s alleged role in operating the HyperFund schemes, claiming that he was centrally involved with HyperFund throughout its lifecycle.
The charges against Lee and Chunga are the result of a joint investigation conducted by the Department of Homeland Security’s New York-based El Dorado taskforce and the Internal Revenue Service’s criminal investigation unit.