HyperFund has been in a lot of issues lately and this could be one of the biggest problem they had to date.
Sam Lee (Hyperfund Chairman) along with Ryan Xu (HyperFund Frounder) had one of their companies that feed revenue to pay out investors collapsed.
The name of that company?
Other companies they are using to produce guaranteed returns on investments for Hyperfund affiliates are:
- HCash Foundation
- Collinstar Capital
- Blockchain Centre
Blockchain Centre is another company founded by Sam Lee and Ryan Xu.
What Happened To BlockChain Global?
Financial Review, which is an Australian news outlet reported on this matter and did a great job.
According to Financial review…
The developer of the failed ACX crypto-currency trading platform known as Blockchain Global (BGL) has entered voluntary administration owing creditors $21 million as the former CEO and founder looks to distance himself from the group’s woes.
ACX promoted itself as Australia’s largest and most liquid exchange before its spectacular fall from grace that has seen as much as $12 million frozen by the Supreme Court following a dispute between the current and former operators.
Blockchain Global CEO Sam Lee says he stepped down as a director in March 2019, but retains ownership of the brand, which was licensed out to the Australian entity that is being wound up with a preliminary administrators report dated October 24 revealing a $12.3 million shortfall in assets.
“(I) was reappointed on April 12, 2020 to deal with matters after the company cease (sic) to have any operations, as there is no operations, there were no key business decisions made, debt introduced during my absence wasn’t able to be negotiated,” Mr Lee told The Australian Financial Review.
Sam Lee’s Blockchain Global owes creditors $21 million which is massive.
What Is Going Happen To HyperFund?
Remember that BGL is one of the companies that are feeding HyperFund return on investments so what is going to happen?
Looking at Hyperfund and how they don’t have payment issues, it’s most likely majority of the funds coming in are from new recruitments.
If Hyperfund was getting all their external revenue through those four companies I listed and one of them goes down, that would definitely disrupt things.
Not only that, there has been NO announcements of this anywhere else.
HyperFund isn’t even telling their investors on what is happening because they probably don’t need to.
Since my original HyperFund review, I concluded that new recruit’s investments are paying off existing members.
For Hyperfund to take a major hit, recruitments has to slow down which it will eventually and that’s when they will have the “withdrawal” issues.
Stay tuned for more Hyperfund news…
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