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A man in the United States admits to involvement in a cryptocurrency scam, with the amount involved reaching up to $1.8 billion.
According to the plea agreement, between June 2020 and January 2022, Burton conspired to provide unlicensed remittance services to promote HyperFund and used investor funds for personal gain.
HyperFund claimed to be a legitimate cryptocurrency investment platform, but in reality, it was a global wire fraud scheme that obtained $1.8 billion from victims worldwide.
HyperFund's promotional materials made multiple false claims, including that investors who purchased HyperFund "membership" could receive daily passive rewards of 0.5% to 1%, until the company's initial investment doubled or tripled.
HyperFund also claimed that part of its high returns came from large-scale cryptocurrency mining operations, but such operations did not actually exist.
Since 2021, HyperFund has started blocking investors from withdrawing their funds.
Burton controlled multiple companies that appeared to provide consulting services but were actually unlicensed remittance businesses.
Burton personally received at least $7.851711 million from unlicensed remittance activities, including funds from HyperFund victims in Maryland.
Burton faces a maximum of 5 years in federal prison.