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The Guardian - AU
The Guardian - AU
National
Sarah Martin

Investors lose millions as crypto schemes operate unchecked in Australia

Composite image of the Hyperverse logo and bitcoin logo with a faceless man in a suit looking on
Investors have lost millions of dollars in crypto investment schemes, raising concerns about Australia’s regulation regime. Composite: Guardian design/Getty images

Thousands of investors have lost millions of dollars in crypto investment schemes that have escaped regulator warnings in Australia, despite financial authorities overseas warning two of the schemes were a possible “scam” and “suspected pyramid scheme”, a Guardian Australia investigation has found.

The schemes have operated under various names including HyperFund and HyperVerse.

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