Promoter Admits Role in HyperFund Scheme
Rodney Burton, better known online as “Bitcoin Rodney,” has pleaded guilty to operating an unlicensed money-transmitting business connected to HyperFund, a scheme U.S. authorities say brought in roughly $1.8 billion from investors worldwide.
According to prosecutors, Burton helped promote HyperFund between 2020 and 2022 and received at least $7.8 million for his involvement.
Promises of High Returns
HyperFund attracted investors by advertising daily returns of up to 1%, claiming the profits came from Bitcoin mining operations. Authorities allege those claims were misleading and that the business relied on funds from new participants rather than legitimate mining revenue.
The case has become one of the largest fraud investigations involving digital assets in recent years.
Sentencing Set for July
Burton is scheduled to be sentenced on July 23 and faces up to five years in prison.
Meanwhile, legal proceedings against other individuals linked to HyperFund, including co-founder Sam Lee and promoter Brenda Chunga, are still ongoing.
The guilty plea marks another major development in the government’s crackdown on large-scale fraud schemes that used Bitcoin and promises of outsized returns to attract investors.
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