In the wake of accusations involving the misappropriation of $1.7 billion in investor funds and facing legal action from US authorities, Sam Lee, the founder of the alleged HyperVerse crypto pyramid scheme, continues to actively promote cryptocurrency initiatives online.

On January 29, charges were brought forth by the Securities and Exchange Commission (SEC) against Lee and HyperVerse for deceitfully advertising substantial returns on crypto schemes relying on funds acquired from investors.

Despite these legal hurdles, just a day later, the 35-year-old Australian appeared in a Facebook video endorsing his most recent project, the South African crypto venture VEND. In the 70-minute video, Lee, in his capacity as the project’s CEO, expresses optimism about his circumstances, asserting that positive changes are on the horizon. While acknowledging the challenges, he minimizes concerns, stating, “the worst is essentially people lying to regulators and regulators believing their version of the story.” Additionally, he advises potential investors to refrain from adopting a mindset of loss.

What’s the deal with the VEND then?

VEND constitutes a sequence of live broadcasts where contributors have the opportunity to showcase their cryptocurrency ventures to potential investors. Audience members can accrue incentives by tuning in to the presentations and showing support for the featured projects through subscriptions.

The majority of initiatives featured on VEND are built around the use of Tether (USDT). An example is the 369 Era project, presented by Mahmoud Elawa on February 2, which introduced subscription packages promising to transform 27,000 USDT into a potential maximum yield of 162,000 USDT, representing a substantial 500% growth.

During the 369 presentation, Lee interjected to touch upon the universal language of mathematics, emphasizing its potential to foster equality among us all. He asserted, “Place your trust in mathematics, trust in bitcoin, blockchain, and the consensus surrounding them, and ultimately, trust in Mahmoud.”

Allegedly, users have the opportunity to accumulate daily returns of 3% by subscribing to a particular project. Additionally, there exists a referral system that extends a 30% commission. While VEND asserts that advertisers contribute to the project’s revenue, The Guardian has highlighted the absence of any named advertisers.