Australian Treasury to Question Regulator Over HyperVerse Crypto Scheme: Report
Australia's Assistant Treasurer and Minister for Financial Services, Stephen Jones, plans to question the Australian Securities and Investments Commission (ASIC) about its failure to warn consumers about the HyperVerse crypto scheme. Other countries, including the UK, New Zealand, Canada, Germany, and Hungary, issued warnings about the scheme in 2021. The scheme, run by HyperTech and promoted by CEO Steven Reece Lewis, who appears to be non-existent, led to thousands of people losing millions of dollars. HyperTech's founders, Sam Lee and Ryan Xu, also founded the collapsed Australian bitcoin company Blockchain Global, which owes creditors $58m. Despite being alerted by liquidators about Lee and Xu's law violations, ASIC has no current plans to take action.
