<100 subscribers

Bitcoin Rodney and Associates Charged in $1.89 Billion Ponzi Scheme

An overview of the charges against Bitcoin Rodney and associates for a $1.89 billion cryptocurrency Ponzi scheme."/> </head> <body> Federal prosecutors in Maryland have charged "Bitcoin Rodney" (Rodney Burton), "Bitcoin Beautee" (Brenda Chunga), and Sam Lee with orchestrating a $1.89 billion cryptocurrency Ponzi scheme. Burton, arrested while attempting to leave the U.S. for the UAE, faces charges related to operating an unlicensed money transmitting business. Chunga has pleaded guilty, while Lee remains at large, believed to be in Dubai. The scheme involved the now-defunct HyperFund, which falsely promised investors up to 1% daily returns from nonexistent cryptocurrency mining operations. Investors were misled into converting their money into an internal currency, with the operation funded entirely by new investments in a classic Ponzi setup. Chunga, the scheme's U.S. face, received over $3.7 million from investors. Burton's lavish lifestyle, funded by the scheme, included yachts and luxury cars, while Lee's involvement left his company, Blockchain Global, owing $58 million. </body> </html>

Federal prosecutors in Maryland have charged "Bitcoin Rodney" (Rodney Burton), "Bitcoin Beautee" (Brenda Chunga), and Sam Lee with orchestrating a $1.89 billion cryptocurrency Ponzi scheme. Burton, arrested while attempting to leave the U.S. for the UAE, faces charges related to operating an unlicensed money transmitting business. https://www.justice.gov/usao-md/pr/three-individuals-charged-189-billion-cryptocurrency-fraud-scheme

Chunga has pleaded guilty, while Lee remains at large, believed to be in Dubai. The scheme involved the now-defunct HyperFund, which falsely promised investors up to 1% daily returns from nonexistent cryptocurrency mining operations.

Investors were misled into converting their money into an internal currency, with the operation funded entirely by new investments in a classic Ponzi setup. Chunga, the scheme's U.S. face, received over $3.7 million from investors. Burton's lavish lifestyle, funded by the scheme, included yachts and luxury cars, while Lee's involvement left his company, Blockchain Global, owing $58 million.

cryptocurrency

bitcon

DeFi Defense Lawyer

Bitcoin Rodney and Associates Charged in $1.89 Billion Ponzi Scheme

DeFi Defense Lawyer

1 min read·February 14, 2024