Is HyperVerse (HVT) crypto a Ponzi scam?


The crypto market is witnessing a rush of new entrants with the increasing popularity of cryptocurrencies. Endorsements from celebrities and social media influencers have made it more competitive. But it also poses challenges for buyers to choose what is right or safe for them.

For example, there are more altcoins today than there were two years ago. With each passing day, cryptocurrency firms are exploring new topics and services for their products. Now the latest buzzword in the metaverse theme is HyperVerse. Many people consider it a scam.

But why do people call it a scam? Let’s dive into the details.

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What is HyperVerse (HVT)?

HyperVerse claims to operate a platform to provide services to developers to create and use smart contract primitives as seamless as web2 APIs.

HyperVerse also claims to offer a decentralized financial infrastructure for cryptocurrency holders.

But, at the time of its launch, the project was called Hyperfund. Reportedly, their customers can use the platform to explore the cosmos within the metaverse and create and sell various things.

Many people who have invested in the HyperVerse believe that it gave it its old Hyperfund name because of its connection to the Ponzi scheme. They believe the company has changed its name to disassociate itself from the Ponzi scheme and attract young investors interested in the metaverse, according to newsroompost.com.

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Is a gotcha?
The developer of the project, called Decentology, is alleged to have offered a 300% return on investment (ROI) for investors of the HVT token.

ROI is used to measure the performance of single or multiple crypto investments. Due to the higher returns, HyperVerse was able to attract many investors.

Many of them now claim that it is a Ponzi scam. The HyperVerse website has been down for quite some time. They cannot obtain information about your investments. However, user reviews have been mixed with most people calling it a Ponzi scam.

Binance said that the HyperVerse crypto is not listed on its platform for trading or any services.

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What do we know about the Decenology?

In a blog post in October 2021, Decentology stated that it is developing a new open, decentralized, blockchain-enabled marketplace.

He also said that the project raised initial funding of $4.3 million, as well as claiming that it has 10 million web developers for Web3 projects.

According to market observers, HyperVerse does not seem legitimate. First of all, because of its vague and defunct website. Second, due to the large number of negative reviews, calling it Rug Pull Ponzi.

In addition, there are concerns about the true intention of the founders. According to reports, the founders of HyperVerse launched several unsuccessful projects, such as Blockchain Global, HyperCapital, Hypertech, etc., and later renamed them HyperVerse.

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Bottom line

Although it is not confirmed whether the HyperVerse cryptocurrency is legit or a scam, investors should carefully evaluate digital assets before investing in them. According to CoinMarketCap.com, currently the global crypto market has around 17,642 cryptos and 462 exchanges, with a market capitalization of around 1.96 trillion US dollars.

The HyperVerse Token (HVT) was down 1.34% at $5.24 at 12:51 p.m. It reached an all-time high of US$7.74 on January 28, 2022.