The HyperVerse scam: Founded by Sam Lee and Zijing “Ryan” Xu
What happened?
Thousands of investors have lost millions in a cryptocurrency investment scheme that appears to have been a large ponzi scheme. HyperVerse, previously known as HyperFund and HyperTech among a few others, claimed to be a digital metaverse for members to socialise, game and perform trades. The investment scam came crashing down when people couldn’t withdraw their funds.
It appears the founders Sam Lee and Zijing “Ryan” Xu were notorious for similar failed cryptocurrency set ups, including Blockchain Global, a collapsed Australian bitcoin company that was put into administration in 2021 and owes creditors $58m.
Fake celebrity endorsements
Like many similar investment scams, Hyperverse was rife with fake celebrity endorsements including Stephen Harrison, who was introduced to many investors as the CEO of HyperVerse, but had faked qualifications and was paid $4,000 to appear as the head of the company.
Some other celebrity endorsements included Chuck Norris and Steve Wozniak, who were perceived to be avid supporters, but were actually celebrity videos bought from Cameo.
How do you get your money back?
In short, if you sent the money to or from a UK bank account or e-money account such as Revolut, it’s possible to get your money back through them. This is usually more realistic than getting the money back from the fraudsters who are often faceless, have disappeared or have already spent or laundered the money.
Industry standards for UK banks and Electronic Money Institutions dictate that banks are supposed to protect you from fraud. Put simply, they should be on the lookout for unusual behaviour on your account and they should reach out to you and provide you with strong warnings if they think you are being scammed. If they fail to do this, or don’t do it to a sufficient standard, then you may be able to hold them to account and get your money back.
You do this by reporting the fraud to them and then complaining if you are unhappy with their response. If you remain unhappy, you need to take your case to the Financial Ombudsman Service.
What would be deemed as unusual behaviour?
This depends on your unique circumstances and how you usually manage the account you sent the money from. Things that denote unusual behaviour are things such as:
Spending/sending a lot more money than you usually would
Making payments to merchants that represent a higher risk of fraud such as cryptocurrency exchanges
Payments that are more frequent than usual
If your bank or EMI did speak to you on the phone, ask questions or provide warnings then it has deemed your behaviour as suspicious. Then you’d need to argue that the intervention wasn’t sufficient. For example, we frequently see EMIs implement poor digital interventions such as pop ups or in app chats that are often not effective at stopping scams.
How Refundee could do it for you
Firstly, it’s the right thing to acknowledge that you can do this process yourself. Of course, doing it yourself can avoid having to incur a fee.
If you would like our help, then you can Start Your Claim on our website or call us on 0204 525 4600. We will then investigate your case, let you know whether we can help, put together your case, and manage the process from beginning to end. Our fees are fair, industry-lowest, and straightforward. We only charge a fee if we’re successful, and there are no hidden or upfront costs. Our fee is between 15% and 25% plus VAT depending on how much money you get back, and we don't charge anything if we are not successful. To see your potential fee, use the fee estimate calculator on our fees page and review the fee banding and example illustrations.
How would the process work?
Refundee manages everything for you. We begin with an investigation to understand what happened in your specific circumstances. After some paperwork, we handle your case from start to finish, working with your bank through to the Financial Ombudsman Service.
These cases can take around 6-12 months, although the process can vary in terms of duration.
Who are Refundee?
Refundee are fraud refund specialists, and you can read about what our previous customers have said about us on Trustpilot. We’ve recovered millions for fraud victims in the UK.
Refundee Ltd is a claims management company authorised and regulated by the Financial Conduct Authority in respect of regulated claims management activity FRN: 937096.
Registered with the Information Commissioner's Office; registration number: A8986071.
Registered office address: Refundee, 3rd Floor, 86-90 Paul Street, London, EC2A 4NE.
Registered as a company in England & Wales; number: 12855931.
