Rodney Burton pleaded guilty to promoting a fraudulent crypto platform that defrauded investors of $1.8 billion with false return promises.
A Florida man, Rodney “Bitcoin Rodney” Burton, pleaded guilty to conspiracy charges for operating an unlicensed money-transmitting business linked to the $1.8 billion HyperFund crypto fraud. Burton faces up to five years in federal prison for his role in promoting the scheme, which prosecutors say falsely promised investors daily passive returns of 0.5% to 1%.
HyperFund ranks among the largest crypto frauds, comparable to Ponzi schemes like OneCoin ($4 billion) and BitConnect ($2 billion). The platform claimed returns came from crypto-mining revenue but lacked legitimate operations. Investors worldwide were affected between June 2020 and January 2022.
Authorities said Burton used investor funds to enrich himself while promoting the scheme. The case was announced by federal prosecutors and investigated by IRS and Homeland Security agents.