US SEC Charges Mastermind Of $1.7 Bln HyperFund Crypto Scheme

Last month, the United States Securities and Exchange Commission (SEC) charged a group of individuals for their involvement in a massive cryptocurrency Ponzi scheme known as HyperFund. The scheme, which is believed to have raised over $1.7 billion, took advantage of investors around the world who were lured into investing in a fake trading platform. In this article, we will explore the details of the case and discuss how the SEC was able to uncover and prosecute the mastermind behind the scheme.

HyperFund was marketed as a high-yield investment opportunity that promised returns of up to 20% per day. The platform claimed to be trading in a variety of cryptocurrencies, including Bitcoin and Ethereum, but in reality, it was simply collecting funds from unsuspecting investors. The money was then used to fund personal purchases by the scheme's operators, who had no intention of ever returning any of the funds to their investors.

On June 28th, 2023, the United States Securities and Exchange Commission (SEC) charged a group of individuals involved in a $1.7 billion cryptocurrency scheme known as HyperFund with fraud and securities violations. The individuals included HyperFund's mastermind, David Gelfman, along with other executives and investors.

The SEC alleges that the defendants raised funds from thousands of investors through false promises of high returns on their investments in a range of cryptocurrencies, including Bitcoin, Ethereum, and others. The scheme also involved manipulation of market prices and fraudulent transactions.

Gelfman was accused of stealing hundreds of millions of dollars from investors and using the funds to purchase luxury goods and invest in personal real estate projects. He was also said to have transferred funds to other individuals who were involved in the scheme.

The SEC has ordered a temporary restraining order, freezing assets held by the defendants and prohibiting them from selling or transferring funds without court approval. The agency is seeking to recover as much of the stolen funds as possible.

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