A crypto fund appears to have invented a fake CEO to help trick investors

The man presented as the CEO of the now-collapsed crypto fund HyperVerse seems to be a complete fabrication. Architects of the plan – Australian businessmen Sam Lee and Ryan Xu – had allegedly swindled thousands of investors out of $1.3 billion worth of investments. A membership cost at least $300 and translated to HyperUnits once invested.

HyperVerse attempted to draw in investors by presenting a convincing Steven Reece Lewis as their CEO. Lewis’s virtual CV claimed he had a degree from Leeds University, a master’s degree from Cambridge University and previous experience with IT and fintech. The universities, however, had no records that could corroborate the claims, and Lewis had been erased online.

In a bizarre twist, the CEO might have been seemingly “endorsed” by The Woz (Apple Co-founder Steve Wozniak on a video message), actor Chuck Norris and singer Lance Bass. Woz stands out with a wholehearted: “I can’t wait for the HyperVerse.” However, the effectiveness of thepictured endorsement is shot down any claims of an unprofessional promotion of a fraudulent organization.

Cryptocurrencies suffer grams frail regulation, and amid those murky conditions, desaneers often arrive. The situation deteriorated in the last year alone, with Australian investors facing crypto scam losses amounting to $148 million in 2021-2022.