Asic faces questions over failure to warn consumers about HyperVerse crypto scheme

Assistant treasurer Stephen Jones says concerns should have been raised about scheme that appeared to be selling ‘worthless investment products’

Chief executive of HyperVerse does not appear to exist

The assistant treasurer, Stephen Jones, has questioned why Australia’s consumer watchdog did not issue a consumer warning against the HyperVerse crypto investment scheme in line with a number of overseas regulators.

A Guardian Australia investigation has revealed widespread losses to the HyperVerse scheme, which escaped regulator attention in Australia despite one overseas authority warning it was a possible “scam” and another describing it as a “suspected pyramid scheme”.

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