Bastaki News
  • Home
  • News
  • Social
  • Web
  • Citizen Reports
Log In Sign Up
  1. Home
  2. Social Posts
  3. Post from Bloomberg
Bloomberg

@Bloomberg Originals

View Original

Dubai’s Billion-Dollar Crypto Underworld

In early 2024, the US charged cryptocurrency entrepreneur Sam Lee with running a Ponzi and pyramid scheme called HyperVerse, alleging he defrauded people of $2 billion. But instead of facing trial in the US, Lee now lives in Dubai, where he’s pitching new crypto products.

Lee denies any wrongdoing. But crypto industry experts, alleged victims and online “scam hunters” are raising questions about whether regulators in the United Arab Emirates are doing enough to combat crypto fraud as Dubai seeks to position itself as a hub of finance and technology.

Read more about the story on Bloomberg:
https://www.bloomberg.com/news/features/2024-12-05/dubai-s-alleged-crypto-scams-are-raking-in-billions?sref=omvmmwIg?utm_medium=social&utm_source=youtube&utm_campaign=originals&utm_content=article

On a scorching July day in Dubai, Sam Lee was inside a climate-controlled wine bar, sipping a glass of chilled red, looking untouchable. Near the beginning of the year, US authorities announced that they’d charged Lee with conspiracy to commit securities fraud and wire fraud. They alleged that, as the co-founder of a company called HyperVerse, he’d orchestrated a cryptocurrency scam that bilked investors around the world for almost $2 billion. HyperVerse had promised returns as high as 1% a day via cutting-edge blockchain-based strategies, but according to the US Department of Justice and the Securities and Exchange Commission, it was just an old-fashioned Ponzi scheme. Lee has denied wrongdoing.

0:00 The two sides of Sam Lee
2:06 HyperVerse’s collapse
5:58 The Crypto Ponzi Scheme Avenger
9:14 Dubai’s crypto underworld
14:21 Detained in Dubai
17:07 The new Sam Lee

--------
Like this video? Subscribe: http://www.youtube.com/Bloomberg?sub_confirmation=1

Get unlimited access to Bloomberg.com for $1.99/month for the first 3 months: https://www.bloomberg.com/subscriptions?in_source=YoutubeOriginals

Bloomberg Originals offers bold takes for curious minds on today’s biggest topics. Hosted by experts covering stories you haven’t seen and viewpoints you haven’t heard, you’ll discover cinematic, data-led shows that investigate the intersection of business and culture. Exploring every angle of climate change, technology, finance, sports and beyond, Bloomberg Originals is business as you’ve never seen it.

Subscribe for business news, but not as you've known it: exclusive interviews, fascinating profiles, data-driven analysis, and the latest in tech innovation from around the world.

Visit our partner channel Bloomberg Quicktake for global news and insight in an instant.

Post media
Mar 11, 2025 0 0 0
Upvote 0 Downvote
Share:
0 Community Comments

Comments 0

Log in to post a comment.

No comments yet. Be the first to comment!

Platform Info
YouTube

Post from Bloomberg on March 11, 2025

Likes 0
Shares 0
Comments 0
View Original Post
More from Bloomberg
  • A-Rod Sees Big Growth Opportunity in Baseball Alex Rodrigu…
    Jun 21, 2025 YouTube
  • David Blitzer’s Advice for Investing in Sports This is the…
    Jun 20, 2025 YouTube
  • Miami Rents Rivaling NYC's Miami rents are catching up to …
    Jun 20, 2025 YouTube
  • Can the UK Afford to Defend Itself? The British Army has b…
    Jun 20, 2025 YouTube
  • Why Investing in Women's Sports Is Bigger Than Most Realize…
    Jun 19, 2025 YouTube
Advertise with Us

Reach our audience with your ads

Bastaki News

Aggregating news and social media content from around the world

Become a Reporter Add RSS Feed
Links
  • About
  • Contact
  • Privacy
  • Terms
  • FAQ

© 2025 Bastaki News. All rights reserved.

Developed by Bastaki