Rodney Burton, also known as "Bitcoin Rodney," has been arrested and charged by U.S. authorities for allegedly defrauding over $7 million through a fake investment scheme called HyperVerse. The scheme was promoted by a network of HyperFund promoters who made fraudulent presentations to investors, falsely claiming that investors who purchased memberships would receive daily passive rewards. Burton received over $7 million from individuals through 562 wire transfers or cashier's checks. The HyperVerse crypto scheme resulted in thousands of people losing millions of dollars, and Australia's Assistant Treasurer and Minister for Financial Services will ask the country's Securities and Investments Commission why it didn't warn consumers about the scheme.

Australia's Assistant Treasurer and Minister for Financial Services, Stephen Jones, plans to question the Australian Securities and Investments Commission (ASIC) about why it did not warn consumers about the HyperVerse crypto scheme, which other countries had already issued warnings about. The scheme resulted in thousands of people losing millions of dollars, and Jones believes there should have been concerns raised about the operation. The scheme was run by an entity called HyperTech, which was promoted and run by CEO Steven Reece Lewis, who does not appear to exist. The founders of HyperTech, Sam Lee and Ryan Xu, also founded the collapsed Australian bitcoin company Blockchain Global, which owes creditors $58m.