The CEO’s Nonexistent Records
An investigation into the collapse of Hyperverse, a crypto venture fund, has revealed that its supposed CEO, Steven Reece Lewis, may not actually exist. The probe discovered that neither the University of Leeds nor the University of Cambridge have any record of Lewis as a graduate. Additionally, Lewis’ name cannot be found on the U.K. companies’ register or with the U.S. Securities and Exchange Commission. Even well-known firms like Adobe and Goldman Sachs have no record of the CEO.
While businessman Sam Lee and his partner Ryan Xu are suspected to be behind Hyperverse, they denied any connection to the collapsed firm.
Celebrity Backing
Hyperverse promoters went to great lengths to lend legitimacy to their scheme, employing fake qualifications and a nonexistent CEO, as well as securing celebrity endorsements. Figures like Steve Wozniak, Chuck Norris, Jim Norton, and Lance Bass appeared in videos endorsing Lewis and the crypto fund. It is uncertain whether these celebrities were aware that their videos were being used to promote a pyramid scheme. Hyperverse enticed investors with promises of guaranteed minimum returns and relied on celebrity support for its plans.
Recently, a report exposed that investors may have lost millions of dollars to scammers associated with Hyperverse. The blockchain intelligence firm Chainalysis estimated losses of around $1.3 billion.
Hot Take: Celebrity Endorsements and the Illusion of Trust
Celebrity endorsements can be a double-edged sword in the world of crypto. On one hand, endorsements from well-known figures can help boost a project’s credibility and attract investors. However, as seen with Hyperverse, celebrities may not always be aware of how their names and images are being used. Scammers and fraudsters can exploit this trust to lure unsuspecting individuals into fraudulent schemes. It serves as a reminder that investors should conduct thorough research and due diligence before investing in any crypto project, regardless of celebrity backing.
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