British crypto school Amey Finance Academy was forced to close down for making misleading investment promises to customers

The British government has officially closed the cryptocurrency academy Amey Finance Academy, the official British agency Insolvency Service said. The founder of Amey Finance Academy was accused of using his academy to "recklessly persuade" people to participate in losing investment schemes, including the alleged $1.7 billion crypto "Ponzi scheme" HyperFund (later renamed HyperVerse). The academy's sole director and shareholder Desmond Amey was accused of making misleading promises to customers, causing some customers to lose all their investment funds. WhatsApp messages seen by investigators show that Amey told one customer that their investment was "100% certain" and asked him to "believe in me brother." Amey also told another customer that their investment would not fall below 90%, but they ended up losing all their funds. Due to the lack of transparency and reliable accounting records, the Insolvency Service was unable to determine the true relationship between Amey Finance Academy and HyperVerse, which ultimately led to the UK High Court issuing a winding-up order against the company on April 30. Amey Finance Academy was founded in December 2018 and had approximately $6.3 million (£5 million) flowing through its bank accounts between October 2019 and March 2022, but the company’s assets and liabilities could not be determined. (Cointelegraph)