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Exclusive: the New Zealand regulator has warned the schemes could be a ‘scam’ but they have escaped such scrutiny in Australia and thousands have lost money

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.

They were established by Sam Lee – once dubbed “the crown prince of bitcoin” in Australia – and Zijing “Ryan” Xu, who has promoted himself as “one of China’s four bitcoin kings”. The pair are two of the founders of the collapsed Australian bitcoin company Blockchain Global.

Blockchain Global was put into administration in 2021 and owes creditors $58m.

In October the liquidator for Blockchain Global said in a publicly available report that last year he had referred Lee and Xu to the Australian Securities and Investments Commission (Asic) alleging that they “may have contravened” the Corporations Act.

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