Rodney Burton, also known as Bitcoin Rodney, has pleaded guilty to a conspiracy charge linked to HyperFund, a $1.8 billion cryptocurrency scam that attracted investors from around the world.
The 56-year-old filed a petition in federal court. He now faces up to five years in prison, with sentencing scheduled for July 23.
Inside the HyperFund Cryptocurrency Scam
According to prosecutors, HyperFund marketed itself as a cryptocurrency investment platform. It promised members who purchased HyperFund “memberships” daily returns ranging from 0.5% to 1%, partly funded by Cryptocurrency mining revenue.
These mining operations never existed. Instead, the global online scam drained nearly $1.8 billion from investors around the world.
“HyperFund, which purported to be a legitimate platform for investing in cryptocurrencies, but was, in fact, a global wire fraud scheme that netted $1.8 billion from victim investors around the world,” the press release said. He reads.
The incident reflects a broader trend in the cryptocurrency space Accompanied by increasing cyber attacks by Increasingly complex frauds Targeting digital asset owners.
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Burton’s role and what comes next
According to court documents, Burton “conspired to provide unlicensed money transfer services to promote HyperFund” between June 2020 and January 2022. At the same time, he profited from the funds.
Investigators said he controlled multiple entities that were presented as consulting firms but allegedly operated as unauthorized money transfer companies. Through these operations, Burton received at least $7.85 million, including money traced to HyperFund investors in Maryland.
His guilty plea comes after previous proceedings against Three HyperFund operatorsincluding co-founder Sam Lee. This issue is added to an extensive list of Cryptocurrency Prosecutions Access to US courts this year. Burton is scheduled to learn his sentence on July 23 before U.S. District Judge Richard Bennett.
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this post Bitcoin Rodney pleads guilty in connection with $1.8 billion HyperFund fraud appeared first on BeInCrypto.
