Crypto Promoter “Bitcoin Rodney” Faces Up to 20 Years on New Charges
Rodney Burton, a 56-year-old crypto promoter recognized on-line as “Bitcoin Rodney,” is dealing with expanded federal expenses tied to his alleged function in selling the $1.8 billion HyperFund cryptocurrency scheme.
Key Takeaways:
- US prosecutors expanded expenses in opposition to “Bitcoin Rodney” over the $1.8B HyperFund scheme.
- Burton faces a long time in jail after being denied bail as a flight danger.
- HyperFund allegedly promised faux returns and blocked withdrawals.
According to a superseding indictment unsealed Friday by the US Attorney’s Office for the District of Maryland, prosecutors now accuse Burton of conspiracy to commit wire fraud, two counts of wire fraud, seven counts of cash laundering, and one rely of working an unlicensed cash transmitting enterprise.
If convicted on all expenses, Burton might face up to 20 years in jail for every wire fraud-related rely, up to 10 years per cash laundering rely, and an extra 5 years for the unlicensed cash transmission cost.
Expanded Indictment Deepens Case Against “Bitcoin Rodney”
The new indictment marks a pointy escalation from the unique felony grievance filed in January 2024, which charged Burton with simply two counts associated to unlicensed cash transmission.
Those earlier expenses carried a most sentence of 5 years every. Burton was arrested at Miami International Airport that month whereas allegedly making an attempt to depart the nation on a one-way ticket to the United Arab Emirates.
A federal decide later denied his bail request, citing him as an “excessive flight danger,” and he has remained in custody since.
According to court docket filings, Burton and his alleged co-conspirators operated HyperFund, often known as HyperVerse, from June 2020 via May 2024.
The platform was marketed as a crypto funding alternative promising each day returns starting from 0.5% to 1% till traders doubled or tripled their cash.
Prosecutors declare these returns had been falsely attributed to large-scale cryptocurrency mining operations that didn’t exist.
By 2021, HyperFund allegedly started limiting and blocking investor withdrawals.
The indictment additional alleges that Burton used investor funds to finance a lavish life-style, together with the acquisition of luxurious condominiums, high-end sports activities automobiles, and a yacht. His trial is presently scheduled for March subsequent yr.
From Celebrity Events to Court Records: The Rise of “Bitcoin Rodney”
Burton rose to prominence inside crypto circles via aggressive advertising and high-profile appearances.
He hosted a 2021 Miami occasion that includes “Shark Tank” investor Daymond John and musician Akon, and appeared publicly with celebrities equivalent to Jamie Foxx and Rick Ross.
Court data additionally reference a previous conviction for conspiracy to distribute cocaine.
In current court docket filings, Burton has maintained that he believed HyperFund was a reliable enterprise. He has positioned blame on co-founder Xue Lee, often known as Sam Lee, alleging Lee orchestrated an elaborate deception that misled each traders and promoters.
Lee and fellow promoter Brenda “Bitcoin Beautee” Chunga had been charged by the SEC in January 2024. Chunga has pleaded responsible, whereas Lee stays at massive.
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