Investors lose millions as crypto schemes operate unchecked in Australia

Exclusive: the New Zealand regulator has warned the schemes could be a scam' but they have escaped such scrutiny in Australia and thousands have lost money

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• They are so convincing': Vera Gazzard lost her life savings to HyperVerse

Thousands of investors have lost millions of dollars in crypto investment schemes that have escaped regulator warnings in Australia, despite financial authorities overseas warning two of the schemes were a possible scam" and suspected pyramid scheme", a Guardian Australia investigation has found.

The schemes have operated under various names including HyperFund and HyperVerse.