HyperVerse CEO Promotes Fresh Cryptocurrency Venture Following Allegations of 1.7B Dollars Fraud

Crypto News– Sam Lee, the founder of HyperVerse, a cryptocurrency scheme under fire for allegedly siphoning $1.7 billion from investors, continues to actively promote new crypto projects online mere hours after facing charges in the United States.

HyperVerse CEO Promotes Fresh Cryptocurrency Venture Following Allegations of 1.7B Dollars Fraud

On January 29, the Securities and Exchange Commission (SEC) leveled accusations of fraud against Lee and HyperVerse, citing deceptive practices in promoting high returns on crypto investments funded by unsuspecting investors.

Despite the legal tumult, the 35-year-old Australian wasted no time in appearing in a Facebook video to endorse his latest endeavor, South African crypto venture VEND. In the 70-minute video, Lee, serving as CEO of the project, struck a confident tone, expressing optimism for his future while acknowledging challenges. He highlighted his belief in overcoming obstacles, even going as far as critiquing regulatory oversight. While cautioning potential investors against pessimism, he notably refrained from directly addressing the allegations against him.

In an interview with The Guardian, Lee displayed resilience in the face of negative publicity, stating, “When false claims surface in the news cycle, they hold little weight against the truth.” However, he chose not to explicitly acknowledge the charges brought against him.

What is VEND and How Does It Work?

VEND serves as a platform for live streaming sessions where participants showcase their cryptocurrency projects to potential investors. Viewers have the opportunity to earn rewards by engaging with the presentations and subscribing to the featured projects.

The majority of projects featured on VEND operate within the ecosystem of Tether (USDT), a stablecoin tied to the value of the US dollar. One notable presentation on VEND, conducted by Mahmoud Elawa on February 2, showcased a project named 369 Era. Elawa promoted subscription packages promising substantial returns, such as turning an initial investment of 27,000 USDT into a potential maximum return of 162,000 USDT, amounting to a 500% increase.