Skip to Primary Navigation

Skip to main content

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 profile image

Julie DiMauro

2 min read

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

, , , , , ,

Get full access, free for a month

This is a Premium article. Start your 28-day free trial to continue reading and access all content on GRIP – no payment details required.

Start free trial Sign in

What’s included:

  • Every new article, plus our 5,000+ archive
  • Daily regulatory insight and guidance
  • Exclusive interviews and in-depth analysis
  • Coverage of industry-leading events and conferences
  • All podcasts and videos, featuring industry experts
  • The full set of Rules Navigator tools
  • An ad-free experience