Crypto Promoter Pleads Guilty to Role in $2B HyperFund Scam

A prominent crypto promoter has admitted to his role in a massive global scam that bilked investors out of nearly $2 billion. Rodney Burton, also known as Bitcoin Rodney, pleaded guilty to conspiracy to operate an unlicensed money transmitting business. The scheme, called HyperFund, claimed it would provide passive daily returns from its crypto mining activities, but was actually a sophisticated fraud.

Burton controlled several companies that offered consulting services, but in reality were unlicensed money transmitting businesses. He and his associates touted the HyperFund scheme to investors, collecting fees for handling transactions. Burton generated nearly $7.9 million from these transactions.

Another promoter of the scheme, Brenda Chunga, also pleaded guilty to wire fraud and conspiracy to commit securities fraud. The alleged operator of the scheme, Sam Lee, was charged with one count of conspiracy to commit securities fraud and one count of wire fraud. His case has not been proven.