Dubai’s Billion-Dollar Crypto Underworld:
Cryptocurrency entrepreneur Sam Lee was charged by US authorities for running a Ponzi 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.
Cryptocurrency entrepreneur Sam Lee was charged by US authorities for running a Ponzi 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.
19 hours ago
