CEO of Collapsed Crypto Fund HyperVerse Seems to Not Exist At All + More News
The CEO of defunct Hong Kong cryptocurrency hedge fund HyperVerse appears to not exist at all, according to a recent report.
The firm, which was previously registered in the Cayman Islands before it was dissolved in October, was founded by an individual named Richard Chng. It raised $2.5 million from investors.
However, an investigation by cryptocurrency news outlet BreakerMag found that the only evidence of Chng’s existence is the company’s website.
The site, which is currently offline, provided no additional details about Chng or any other staff members. All contact information listed on the site was found to be invalid.
Furthermore, no press releases or other news stories reference Chng associated with HyperVerse or any other related firms. Further research found no social media accounts associated with the name Richard Chng.
The HyperVerse debacle is the latest in a long line of questionable crypto projects. In April, a $60 million cryptocurrency project called PlusCoin vanished without a trace. In June, a $30 million project called Vites disappeared in a similar fashion.
The SEC has charged rapper T.I. and three other defendants for promoting an unregistered ICO. The agency alleged that T.I., his business partner Ryan Felton, and two companies run by Felton raised $1.3 million from investors.
Bitfinex has unveiled a new lending platform called Bitfinex Borrow. The platform allows users to borrow up to $100,000 in digital tokens with no expiry date.
Ripple and Samsung have announced a partnership to develop blockchain and cryptocurrency solutions. The two companies will work together to develop and implement new products and services.