Hyperfund’s Sam Lee’s Blockchain Global Collapses, Owes $21 Million

Hyperfund Blockchain Global Collapses

I reviewed Hyperfund back in July.

I noted that Sam Lee (Hyperfund Chairman) is one of the owners of Blockchain Global along with Ryan Xu (Hyperfund Founder).

In their ‘Due Diligence’ report, they have listed Blockchain Global as one of the companies used to ‘feed’ revenue to pay investors out their promised ROI.

According to The Financial Review in Australia…

**Update: the debt owed is now $49 Million being owed to Australian Creditors**

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.

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.

What stands out to me is one very important detail…

If Hyperfund is not really getting its Revenue to pay their investors from their own companies like Blockchain Global (since it has collapsed), where are they getting revenue from?

I personally can not see any ‘outside’ revenue from Network Marketing Recruitment.

And if that is the case, once network marketing recruitment runs dry, where will they get money or crypto to pay investors coming in late?

Rory Singh is a Home Business Development Coach, Blogger and You Tube Publisher

I have seen many people, companies and systems come and go in my years online. I have 3 decades of experience in the MLM industry (since the 80’s) and have been online since 2006 (as an affiliate marketer).

I have been doing Reviews since 2013.

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Author: Rory Singh