HyperVerse Scandal Unveiled: The Phantom CEO and Millions Lost

The Illusion of a CEO

In an astounding revelation, the CEO of the defunct crypto fund HyperVerse, purportedly Steven Reece Lewis, has been called into question. This development comes amidst a tumultuous backdrop where the fund is implicated in major financial losses and legal scrutiny. The Guardian's investigation underscores a perplexing enigma: the existence of Lewis himself remains unconfirmed, casting a shadow over the entire operation.

Unraveling the HyperVerse Saga

The story of HyperVerse is intertwined with the endeavors of Australian entrepreneurs Sam Lee and Ryan Xu. These individuals are known for their involvement with Bitcoin Australia and Blockchain Global, companies that have faced their own share of financial and legal woes. Blockchain Global, now bankrupt, owes a staggering $58 million to creditors. This financial debacle has prompted the Australian Securities and Investments Commission (ASIC) to examine potential violations of the Corporations Act by Xu and Lee. However, in a twist of regulatory discretion, ASIC has presently opted not to pursue action.

Global Alerts Ignored

HyperVerse, despite the mounting concerns and regulatory flags raised internationally, seemed to operate under the radar in Australia. Regulators elsewhere had already sounded alarms, labeling the fund as a potential scam and suspected pyramid scheme. The gravity of the situation is highlighted by a Chainalysis report, which estimates the losses incurred by consumers in HyperVerse to be around US$1.3 billion (AU$1.92 billion) in 2022 alone.

The Mysterious CEO Emerges

In a pivotal moment in December 2021, the global launch event of HyperVerse introduced Steven Reece Lewis as its CEO. However, this revelation has only deepened the mystery. The Guardian's efforts to verify his identity and establish contact have been met with dead ends, raising serious questions about the veracity of his existence and role within the company.