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The crypto world has been hit with some bad news in the form of the apparent collapse of an up-and-coming crypto fund, HyperVerse funds.
The fund, led by CEO Sven Stewart, is said to have told investors that it has ceased operations after reportedly losing its customers’ funds in risk hedging deals. The organization’s website and social media accounts have been deleted, and it seems that there is no trace of the organization or its CEO.
The news has been met with anger by many in the crypto community who have been left with seemingly no way to recover their funds. Additionally, a lack of answers and transparency has driven suspicions that a scam may be at play.
The situation is still unfolding, and it is unclear exactly what happened to HyperVerse funds and its customers’ money. Hopefully, more information will come to light soon to provide clarity and some closure to those affected.
In other news, Ethereum Classic (ETC) is celebrating a milestone with its 8,000,000th block. The block was mined at 9:00 pm UTC on April 15, 2020.
The network has seen a resurgence of users, primarily from Asia, in recent weeks and is on track to undergo a hard fork in August to implement the upcoming Ethereum Classic Vision protocol. ETC is now a top 10 cryptocurrency with a market cap of approximately $1.5 billion.
Elsewhere, global payment giant Visa is launching a program to bring crypto companies onto its payment platform. The move is seen as a sign that the establishment is starting to embrace cryptocurrencies, and could open doors for more mainstream adoption.
Finally, crypto exchange Coinbase is joining Luxury Originals to fight fraud and counterfeiting. The exchange will be offering its blockchain-basedchip to Luxury Originals customers, allowing them to measure authenticity of their products by tracking and verifying their origin with the Coinbase chip.