According to some sources, Hyper Fund, a DEFI of Hyper Tech Group, went under the radar recently. The Group claims to have launched the Hyper Fund to provide decentralized financial infrastructure. Hyper Fund was announced mid-2020.
According to the company’s website, it is led by Ryan Xu, however, with the Multi-Level Marketing (MLM) model, Hyper Fund has attracted investors with higher returns and such offers, a common practice in part of the Ponzi schemes, which alerted the authorities in the first place.
According to sources, complaints against these funds have started pouring in in several states. In India, the RBI, the Union Ministry of Finance and the SEBI had warned people against trading in cryptocurrency. The RBI plans to launch India’s official digital currency, the E.
The Ministry of Finance clarified that virtual currencies are not legal tender either. Therefore, VCs are not currencies. The RBI also clarified that it has not given any license / authorization to any entity / company to mine or deal with Bitcoin or any virtual currency.
In June 2018, Amit Bhardwaj was arrested at Delhi Airport by Pune police along with his brother Vivek Bhardwaj as part of an alleged Ponzi scheme. Bhardwaj, launched his own bitcoin mining operations and allegedly deceived more than 8,000 people for an amount of Rs 2,000 crore nationwide.
He filed a complaint with the Delhi Police Special Cell, alleging that he received an extortion call and was asked to pay a sum of money for protection on September 6, 2021. He had set up a multi-level marketing (MLM) scam by tricking investors into giving him Bitcoins. in exchange for the higher promised returns, police alleged.
UK regulators have issued a warning against this fund and the Financial Conduct Authority (FCA) has issued warnings for Hyper Fund and Fund Advisor.
On its website, which was first published on March 23, 2021 and updated later on August 31, FCA said: “We believe this company can provide financial services or products in the UK without our permission. Almost all businesses and individuals offering, promoting or selling financial services or products in the UK must be licensed or registered by us. This business is not authorized by us and targets people in the UK. ”
Warning investors about this fund, he added: “You will not have access to the Financial Ombudsman Service nor be protected by the Financial Services Compensation Scheme (FSCS), so it is unlikely that you will get your money back if the things go wrong.
The websites used by these companies according to FCA are http://thehyperfund.online, https://thehyperfund.com/
Providing decentralized financing (DEFI) via blockchain technology from the Hong Kong-based HyperTech group, according to sources, Indian regulators and authorities have started to monitor the situation.
As a result of actions taken by financial regulators such as the US Security and Exchange Commission and the UK Financial Conduct Authority, Indian regulators and enforcement authorities have started monitoring investments in Hyper Fund, a decentralized financing offer via HyperTech Group’s blockchain technology.
Globally, financial regulators recognize that the organizers of the Ponzi scheme often use the latest innovations, technologies, products or growth sectors to attract investors and give their program the promise of high returns. Potential investors are often less skeptical of an investment opportunity when they are evaluating something new, new or “cutting edge”. On its website, Hyper Fund claims to be “the most powerful rocket in blockchain finance”