Miami man pleads guilty to promoting HyperFund scam, involving a staggering $1.8 billion in funds

Odaily Planet Daily News Rodney "Bitcoin Rodney" Burton, a resident of Miami, Florida, has pleaded guilty in federal court to participating in a cryptocurrency scam related to HyperFund, with the case involving approximately $1.8 billion.

According to federal prosecutors in Maryland, Burton pleaded guilty to "conspiracy to operate an unlicensed money transmitting business." Between June 2020 and January 2022, he participated in promoting this Ponzi-structured project and profited approximately $7.85 million from it.

Law enforcement officials pointed out that HyperFund attracted investors with promises of high returns of "0.5% to 1% daily," but in reality, there were no genuine crypto mining operations or sustainable sources of income. Funds essentially came from new investors, constituting a typical Ponzi scheme structure, and began limiting withdrawals in 2021.

The U.S. Department of Justice stated that the project raised funds from investors globally and was used for promotion and money transfers during its operation, forming a large-scale cross-border wire fraud network.

Burton faces a maximum of five years in federal prison, with a sentencing hearing scheduled for July 23. Law enforcement agencies indicated that the case was jointly investigated by the IRS Criminal Investigation Division and the Homeland Security Investigations. (U.S. Department of Justice)