So HyperFund Chairman Sam Lee’s Blockchain Global Goes Under!
HyperFund has been in the muck and mire lately and now faces one of the biggest hurdles to date.
Sam Lee (Hyperfund Chairman) along with Ryan Xu (HyperFund Frounder) had their flagship company that feed profits to pay out investors collapsed.
You ask the name of that entity?
Why BlockChain Global… of course
Other companies they are utilizing to generate guaranteed returns on investments for Hyperfund affiliates are the following:
- HCash Foundation
- Collinstar Capital
- Blockchain Centre
Blockchain Centre is another company founded by Sam Lee and Ryan Xu.
What Happened To BlockChain Global?
Table of Contentshide1 What Happened To BlockChain Global?2 What Is Going Happen To HyperFund?3 My #1 Recommendation
Financial Review, which is an Australian news outlet reported on this matter and did a great job.
According to Financial review…
The developer of the failed ACX crypto-currency trading platform known as Blockchain Global (BGL) has entered voluntary administration owing creditors $21 million as the former CEO and founder looks to distance himself from the group’s woes.hyperfund what is it
ACX promoted itself as Australia’s largest and most liquid exchange before its spectacular fall from grace that has seen as much as $12 million frozen by the Supreme Court following a dispute between the current and former operators.
Blockchain Global CEO Sam Lee says he stepped down as a director in March 2019, but retains ownership of the brand, which was licensed out to the Australian entity that is being wound up with a preliminary administrators report dated October 24 revealing a $12.3 million shortfall in assets.
“(I) was reappointed on April 12, 2020 to deal with matters after the company cease (sic) to have any operations, as there is no operations, there were no key business decisions made, debt introduced during my absence wasn’t able to be negotiated,” Mr Lee told The Australian Financial Review.
Sam Lee’s Blockchain Global owes creditors a ginormous $21 million. Ouch!!!!
What Is Going Happen To HyperFund?
Don’t forget BGL is feeds HyperFund return on investments. So what is going to happen here?
Looking at Hyperfund and how they don’t have current payment issues, it’s most likely the lions share of the funds coming in are from new affiliates
Look for disruption here being Hyperfund was getting a lot of their external revenue through those four companies listed above and one shuts down. Rough waters ahead.
Not only that, the company is mute on this point.
HyperFund hasn’t even told their investors on what is happening because they probably don’t need to.
Why?
Since my original HyperFund review, I concluded that new recruit’s investments are paying off existing members.
For Hyperfund to take a major hit, recruiting has to slow down. When it does that’s when they will have the “withdrawal” issues.
Stay tuned in for more Hyperfund current news…
Don’t be the last to know HyperFund Chairman Sam Lee’s Blockchain Global Goes Under!
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