HyperFund promoter pleads guilty in $1.8 billion crypto fraud case
Cryptocurrency promoter Rodney Burton, better known as Bitcoin Rodney, has pleaded guilty in connection with the HyperFund Ponzi scheme. According to U.S. authorities, the project raised approximately $1.8 billion by presenting itself as a high-yield investment platform.
According to an announcement by the U.S. Attorney's Office, Burton pleaded guilty to conspiracy to operate an unlicensed money transmitting business as part of a plea agreement.
HyperFund operated as a Ponzi scheme
Prosecutors allege that Burton promoted HyperFund and routed investor funds through companies that were presented as consulting firms but in reality served as payment intermediaries. Investigators say Burton received at least $7.85 million tied to the scheme.According to prosecutors, HyperFund sold "memberships" that promised passive returns of 0.5% to 1% per day until investors doubled or tripled their initial deposits.
The platform claimed the returns were backed by large-scale cryptocurrency mining operations. However, investigators say the advertised mining infrastructure never existed, and the platform began restricting withdrawals as early as 2021.
Burton is scheduled to be sentenced on July 23, 2026. He faces a maximum sentence of five years in prison.
Crypto fraud losses continue to rise
The HyperFund case comes amid growing losses from crypto-related fraud.According to the FBI, Americans lost approximately $11.4 billion to cryptocurrency fraud in 2025. The agency received more than 181,000 related complaints, with investment scams once again accounting for the largest share of losses at roughly $7.2 billion.
Earlier, Indian authorities charged a group of individuals over a crypto fraud scheme involving fake Coinbase websites. Investigators allege the suspects stole more than $20 million by gaining access to user accounts through phishing pages designed to imitate the crypto exchange.
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