•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
A Miami resident who used the online alias “Bitcoin Rodney” has entered a guilty plea in federal court for his role in a cryptocurrency fraud operation valued at $1.8 billion.
Rodney Burton, 56, pleaded guilty to conspiring to operate an unlicensed money transmission service that prosecutors say was used to promote HyperFund. The U.S. Attorney’s Office for the District of Maryland said the case involves a large wire fraud scheme.
Kelly O. Hayes, U.S. Attorney for the District of Maryland, announced the plea, with investigators from IRS Criminal Investigation and Homeland Security Investigations.
According to federal authorities, HyperFund was marketed as a legitimate cryptocurrency investment platform. Investors were enticed with promises of 0.5% to 1% daily passive income, allegedly generated through cryptocurrency mining.
Prosecutors said no mining activity ever took place. The operation also offered tiered memberships, assuring participants their contributions would double or triple over a set period.
Federal authorities said HyperFund began halting withdrawal requests in 2021. The scheme first appeared as HyperCapital in January 2022, rebranded to HyperFund six months later, and ultimately failed in November 2022.
Court filings described Burton as actively marketing HyperFund from June 2020 through January 2022. Prosecutors said he managed multiple business entities that were presented as consulting firms but were used to channel investor funds into the fraudulent scheme.
Burton allegedly collected more than $7.8 million in personal profits from the operation.
Prosecutors also said Burton used his public persona to attract investors, including reports that he recruited high-profile figures such as actor Jamie Foxx and rapper Rick Ross to bolster credibility.
In 2021, Burton organized a cryptocurrency convention in Miami. Reported attendees included Jordan Belfort, Akon, Tiffany Haddish, and Draymond Green.
Two additional individuals were indicted in January 2024. Sam Lee, a 35-year-old Australian identified as a HyperFund co-founder, has not been convicted.
Brenda Chunga, based in Maryland, faces accusations of conspiring to commit securities fraud and wire fraud. Her sentencing hearing has been postponed multiple times and is currently scheduled for June 29.
Prosecutors described HyperFund as one of the most significant cryptocurrency fraud operations in recent history. The case has been compared to OneCoin, which defrauded investors of more than $4 billion, and BitConnect, which led to approximately $2 billion in investor losses.
Burton’s sentencing hearing is scheduled for July 23 before U.S. District Judge Richard D. Bennett. He faces up to five years in federal prison.
Assistant U.S. Attorney Christina A. Hoffman is handling the prosecution.
Ready Card users outside the European Economic Area have reportedly faced an abrupt service halt after a transition involving the card issuer disrupted the USDC spending product, according to user notices shared on X.
A notice shared…
