According to the Guardian, Australia’s Assistant Treasurer and Minister for Financial Services, Stephen Jones, announced that he would be questioning the Australian Securities and Investments Commission (ASIC) on why the agency failed to alert investors to the HyperVerse cryptocurrency scheme when other countries have.
As early as 2021, the United States, Canada, New Zealand, Germany, and Hungary, among others, sent out warnings over the plan, according to the study.
As to reports, Jones stated, “This kind of operation operates by persuading naive individuals to put their money into a product that might not exist, with the only source of income being money from new investors.” “I just don’t see why there wasn’t a warning.
It seemed rather obvious that there ought to have been questions raised regarding this procedure.
A Guardian Australia investigation published last month claims that thousands of people lost millions of dollars as a result of the HyperVerse cryptocurrency scheme. CEO Steven Reece Lewis, who does not seem to exist, pushed and oversaw the scam, which was carried out by a company named HyperTech.
The Australian businessmen Sam Lee and Ryan Xu, who established HyperTech, were also the founders of Blockchain Global, an Australian bitcoin company that failed and owes creditors $58 million. According to the Guardian, the liquidators informed ASIC that Lee and Xu had broken the law, but the agency stated it did not plan to take any action at this time.