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SEC and US prosecutors target fraudulent crypto asset pyramid scheme

Image of a the Luxor Hotel in Las Vegas (a pyramid) at dusk.
Photo: David McNew/Getty Images

Julie DiMauro

2 min read
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Alleged pyramid scheme raised $1.7 billion+ from investors.

US prosecutors and the SEC have charged Xue Lee (aka Sam Lee) and Brenda Chunga (aka Bitcoin Beautee) for their involvement in a fraudulent crypto asset pyramid scheme called HyperVerse that raised more than $1.7 billion from investors worldwide.

They said Lee and Chunga started promoting HyperFund (as it was called

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