Rodney Burton admitted to participating in the $1.8 billion HyperFund cryptocurrency fraud case

According to Cryptopolitan, Miami cryptocurrency promoter Rodney Burton (nicknamed "Bitcoin Rodney") pleaded guilty in a U.S. federal court to a charge of conspiracy to operate an unlicensed money transfer business in connection with the $1.8 billion HyperFund cryptocurrency fraud case. The 56-year-old Burton admitted to operating entities disguised as consulting firms, which were actually unlicensed money transfer agencies, laundering funds from HyperFund investors and personally profiting at least $7.85 million. HyperFund promised investors passive returns of 0.5% to 1% daily, claiming it came from a large-scale cryptocurrency mining operation, but in reality, these mining operations did not exist.

Burton was arrested in January 2024 at Miami International Airport while holding a one-way ticket to the UAE, and has been detained since being deemed a "severe flight risk" by a federal judge. The initial charges were two counts of unlicensed money transfer, which later increased to 11 counts, including conspiracy to commit telecommunications fraud and money laundering. This plea only pertains to the conspiracy charge, with a maximum sentence of five years, and sentencing is scheduled for July 23. HyperFund co-founder Xue "Sam Lee" Lee remains at large, while another promoter "Bitcoin Beautee" pleaded guilty on the same day.