DOJ Charges Three in $1.9B HyperFund Crypto Fraud

The DOJ charges two individuals and obtains a guilty plea from a third for orchestrating a $1.9 billion cryptocurrency Ponzi scheme named HyperFund.

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The Securities and Exchange Commission (SEC) files civil action against two implicated individuals in the crypto pyramid scheme, which collapsed in 2022.

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The defendants falsely promised investors substantial returns from nonexistent cryptocurrency mining operations, according to the DOJ.

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U.S. Attorney for Maryland, Erek Barron, describes the alleged fraud as "staggering" in its scope.

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Criminal charges include Sam Lee, while guilty plea comes from Brenda Chunga; SEC complaint reveals expenses funded by Chunga's $3.7 million earnings from the scheme.

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