Feb 12, 2025
Ibiam Wayas
Xue Lee, aka Sam Lee Crypto, is an Australian blockchain entrepreneur, who’s popularly heralded as the “crown prince of Bitcoin” in his country, Australia.
However, the Australian crypto entrepreneur has a problem with the US authorities that reportedly led him to flee to Dubai.
Sam Lee Crypto promoted a fraudulent crypto asset pyramid scheme known as HyperFund that raised more than $1.7 billion from investors worldwide.
HyperFund guaranteed investors high returns, including from HyperFund’s supposed crypto mining operations and associations with a Fortune 500 company.
However, Lee and Chunga knew or were reckless in not knowing that HyperFund was a pyramid scheme and had no real source of revenue other than funds received from investors.
In 2022, the HyperFund scheme collapsed and investors were no longer able to make withdrawals.
The SEC unsealed several charges against Sam Lee Crypto. However, Lee denied any wrongdoing, saying there is nothing wrong with multi-level marketing.”
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