Crypto promoter charged anew in the $1.8 billion HyperFund case

crypthub

2 days ago

HyperFund Fraud Background

The HyperFund scheme promised investors huge returns from fictitious crypto mining operations. Co‑founders Xue Lee and Brenda Chunga were charged by the DOJ in January 2024 for the $1.8 billion Ponzi fraud. The SEC also filed a civil suit, noting the fund had no genuine revenue and collapsed in 2022, leaving investors locked out of their money.

New Indictment of Rodney Burton

Sixteen‑year‑old crypto promoter Rodney Burton, known as “Bitcoin Rodney,” now faces a superseding indictment. Charges include conspiracy to commit wire fraud, two counts of wire fraud, seven money‑laundering counts, and operating an unlicensed money‑transmitting business. prosecutors allege he misused investor funds for luxury condos, cars and a yacht. Convictions could bring up to 20 years per wire‑fraud count, 10 years per money‑laundering count, and five years for the transmission offense.

Defense, Trial and Market Outlook

Burton claims he was led to believe the venture was legitimate and unintentionally misled investors. His trial is slated to begin by March 2026. Meanwhile, the overall cryptocurrency market sits at roughly $3.05 trillion, up 0.2 % in the past 24 hours.

Crypto promoter charged anew in the $1.8 billion HyperFund case

HyperFund Fraud Background

New Indictment of Rodney Burton

Defense, Trial and Market Outlook

Crypto promoter charged anew in the $1.8 billion HyperFund case