Skip to main content

Featured Story

Produced by Daniel Aharonoff & Mogul Media AI

Dogwifhat Soars in Crypto Market After Binance Listing

Dogwifhat's Resilience Amid Market Turbulence In the frenetic world of cryptocurrency, where fortunes can change in the blink of an eye, Dogwifhat (WIF) has emerged as a beacon of stability, defying broader market trends. Its recent listing on Binance has propelled this Solana meme coin into the spotlight, showcasing a remarkable 38% surge shortly after the announcement. However, as with all meme coins, the journey is fraught with volatility and unpredictable trader sentiment. The Rise of Dogwifhat According to CoinGecko , Dogwifhat's price gained an impressive 38% early Wednesday, before stabilizing to a 14.7% increase, trading at $2.10 at the time of writing. This trajectory highlights the coin's potential, yet it serves as a reminder of the inherent risks associated with meme coins: Mercurial Trader Sentiment : The prices of meme coins are heavily influenced by the whims of traders, making them highly volatile and risky investments. Short Lifespan : Historicall...
Post a Comment
Read more
Produced by Daniel Aharonoff & Mogul Media AI

Unveiling the $1.89 Billion HyperFund Cryptocurrency Scam: Legal Ramifications and Plea Deal

An Australian and two Americans have been charged with orchestrating a $1.89 billion cryptocurrency scam based around a purported DeFi platform called HyperFund, as announced by the U.S. Department of Justice on Monday. The DOJ accused Australian citizen Sam Lee of co-founding HyperFund, with Rodney Burton and Brenda Chunga promoting it, collectively defrauding investors of a staggering $1.89 billion by falsely claiming that investment returns would stem from non-existent cryptocurrency mining operations.

Alleged Fraud Scheme Details

  • Timeframe: From June 2020 to November 2022
  • False Claims: HyperFund offered and sold investment contracts to the public, making false claims including providing daily passive rewards of 0.5% to 1% to investors until doubling or tripling the initial investment.
  • Payment Source: HyperFund claimed payments would be from revenues generated by large-scale crypto mining operations that did not actually exist.
  • Withdrawal Issues: HyperFund began blocking investor withdrawals from at least July 2021.

Legal Charges and Plea

  • Charges: Lee and Chunga are charged with conspiracy to commit securities and wire fraud, while Burton is charged with running an unlicensed money transmitting business.
  • Guilty Plea: Chunga pleaded guilty.
  • Potential Sentence: The trio faces a maximum sentence of five years in federal prison if convicted.

Multiple Aliases

  • Known as: HyperFund is also known as HyperTech, HyperCapital, HyperVerse, and HyperNation.

The U.S. Attorney Erek L. Barron for the District of Maryland emphasized the severity of financial frauds, warning that if an investment opportunity sounds too good to be true, it likely is. The Justice Department, along with law enforcement partners, vow to hold perpetrators accountable for fraudulent schemes like this one. As cryptocurrency crimes continue to pose challenges, the Department of Justice remains vigilant in combating such illegal activities.

Email Post

Comments

Post a Comment

Trending Stories