Australian Minister to Question ASIC Over Failure to Warn Consumers About HyperVerse Crypto Scheme

Australia's Assistant Treasurer and Minister for Financial Services, Stephen Jones, plans to question the Australian Securities and Investments Commission (ASIC) about why it did not warn consumers about the HyperVerse crypto scheme, which other countries had already issued warnings about. The scheme resulted in thousands of people losing millions of dollars, and Jones believes there should have been concerns raised about the operation. The scheme was run by an entity called HyperTech, which was promoted and run by CEO Steven Reece Lewis, who does not appear to exist. The founders of HyperTech, Sam Lee and Ryan Xu, also founded the collapsed Australian bitcoin company Blockchain Global, which owes creditors $58m.