Again in March the Australian Securities Fee issued fraud warnings in opposition to HyperTech Group and a number of other related corporations.
One of many corporations was DAOversal, who now declare their solely affiliation was the acquisition of HyperTech Group victims particulars.
By HyperTech Group, fraudsters Ryan Xu and Sam Lee ran a sequence of MLM cryptocurrency Ponzi schemes.
The final official HyperTech Group launch was HyperNation, which collapsed in Might 2023.
Ryhan Xu went into hiding in 2022. Xu is suspected to be hiding in Dubai however has not publicly been seen or heard from since.
Sam Lee (proper), additionally hiding in Dubai, continues to defraud customers by means of numerous MLM crypto Ponzi schemes.
The most recent Sam Lee rip-off is Boomerang Commerce, fronted by Indian nationwide Shavez Ahmed Siddiqui.
Danny DeHek, the Crypto Ponzi Scheme Avenger, has been retaining updated with Boomerang Commerce developments on YouTube.
ASIC cited DAOversal and DAOversal LTD of their HyperTech Group fraud warning.
4 months later, DAOversal addressed its affiliation with securities fraud in a Might thirtieth Telegram put up.
Pricey DAOVERSAL Group Members,
In gentle of latest discussions and articles which have misinterpreted our actions and intentions, we want to tackle and make clear these issues straight:
1. Clear Distinction from Hyperverse: DAOVERSAL operates independently of Hyperverse and its related entities.
We have now no operations in Australia, nor have we had any type of collaboration or contact with Sam Lee. Our model and operations are uniquely ours, established over two years in the past.
2. Information Acquisition Clarification: The information from the previous hyper neighborhood was acquired as a one-time enhancement to our database, initiated nicely after our platform was totally operational.
This was an remoted motion and shouldn’t be considered as an indicator of any partnership or ongoing relationship with previous entities.
3. Voluntary Assist by means of TFA: The Focused Monetary Help (TFA) was supplied as a voluntary initiative to assist people affected by the failure of Hyper, which is unrelated to DAOVERSAL.
This assist was supplied from a spot of neighborhood solidarity, not obligation, and shouldn’t be misconstrued as us taking over any liabilities from Hyper.
This was carried out to assist the neighborhood and assist the Daoversal ecosystem, and ofcourse out of the graciousness of our hearts.
4. Dedication to Decentralization and Platform Integrity: Our platform is constructed on the totally decentralized DAOT token.
We have now renounced all possession rights, guaranteeing that no further tokens will be minted or belongings are frozen with out consensus. This step underscores our dedication to transparency and belief.
5. Ongoing Growth and Enchancment: We’re devoted to repeatedly growing the DAOVERSAL platform to ship a superior expertise for all our customers.
We’re shifting ahead with initiatives that underscore our dedication to our neighborhood’s success and well-being.
We admire the continuing assist and belief of our neighborhood as we navigate these challenges and misconceptions. Collectively we’re dedicated to sustaining the integrity and progressive progress of DAOVERSAL.
Regardless of what’s being written and being stated, Daoversal is right here to remain!
Thanks for standing with us.
Sincerely,
The DAOVERSAL Staff
Notably, DAOversal don’t clarify how they purchased HyperTech Ponzi sufferer particulars from Sam Lee with out having “any type of collaboration or contact with Sam Lee”.
Funnily sufficient, DAOversal’s “Focused Monetary Help” scheme straight ties it to Sam Lee.
The TFA initiative, initially dubbed Targeted Compensation Help, or FRA, by DAOversal accomplice Satoshi AI, earlier this yr, is first-of-its-kind within the Web3 house, designed to help members of the beleaguered Hyper Group, which had various crypto initiatives that had met an premature demise following the actions of unscrupulous Group “Leaders,” as outlined within the Hypernation Group Overview Report.
The TFA empowers members to start to reclaim their belongings thought misplaced in Hyper, providing choices each to passive and lively members alike.
Satoshi AI was the “AI grift” branding Sam Lee got here up with to reboot the collapsed HyperNation Ponzi scheme underneath.
So we’ve Sam Lee –> HyperTech Group –> Satoshi AI. Satoshi AI is a DAOversal “accomplice” however uh, Sam Lee purportedly has nothing to do with DAOversal.
Righhhhhhhhhh………t.
In a nutshell, DAOversal is a typical crypto node funding scheme dressed up as a metaverse sport.
Planetary Nodes have the flexibility to promote parcels of land inside their Planets, producing income from these transactions.
Totally different ranges of land produce sources of various ranges. Increased stage land yields extra considerable sources, permitting you to acquire higher returns and advantages.
If DAOversal’s “web3 gamification” jargon makes your eyes glaze over, all you should know is DAOversal traders put money into node positions and accumulate passive returns.
Returns are paid in DAOversal’s DU stablecoin, which traders can money out so long as there’s higher fools to dump DU onto.
DAOversal is run by Jonah Glasgow, a Canadian crypto bro with the same old string of failed crypto grifts underneath his belt.
As of Might 2024, SimilarWeb tracked high sources of site visitors to DAOversal’s web site as Italy (32%), the US (28%), the UK (16%) and Switzerland (7%).
Along with Australia, DAOversal isn’t registered to supply securities in any of those international locations. DAOversal and Glasgow additionally aren’t registered to supply securities in Canada both.
The SEC filed swimsuit in opposition to Sam Lee and two associates on HyperTech Group associated fraud costs in January 2024.
Lee was additionally indicted that very same month, once more on HyperTech associated fraud costs.
As beforehand acknowledged, pending his arrest Lee stays a needed fugitive hiding in Dubai.
Of word is a big share of HyperTech Group Ponzi victims being US residents. If DAOversal bought HyperTech Ponzi sufferer particulars and pitched DAOversal’s node funding scheme to them, that explains the US web site site visitors.
Extra importantly, it additionally means DAOversal is continuous to defraud US residents the place Sam Lee and HyperTech Group left off (placing apart Lee’s continued efforts to defraud customers by means of numerous different MLM crypto Ponzis).
From ASIC’s warning we will affirm DAOversal is on the regulatory radar. Whether or not US and/or Canadian authorities take additional motion stays to be seen.