Key facts
- Rodney Burton pleaded guilty to conspiracy to operate an unlicensed money transmitting business.
- The HyperFund scheme is alleged to be a $1.8 billion global wire-fraud operation.
- Burton promoted HyperFund between June 2020 and January 2022.
- He personally received at least $7.8 million in proceeds from the scheme.
- Burton faces a maximum of five years in federal prison.
- Sentencing is scheduled for July 23.
Rodney Burton, a 56-year-old Florida resident known as 'Bitcoin Rodney,' has pleaded guilty in federal court to conspiracy to operate an unlicensed money transmitting business. His plea is connected to the $1.8 billion HyperFund global wire-fraud scheme. Burton promoted HyperFund from June 2020 to January 2022, falsely promising investors daily passive returns of 0.5% to 1% from non-existent crypto-mining revenue. He is alleged to have enriched himself and controlled several consulting companies, personally receiving at least $7.8 million in proceeds.
US Attorney for the District of Maryland, Kelly O. Hayes, along with agents from the IRS Criminal Investigation unit and Homeland Security Investigations, announced Burton's guilty plea. HyperFund is considered one of the largest crypto fraud schemes, impacting thousands of investors worldwide and drawing comparisons to Ponzi schemes like OneCoin and BitConnect.
In January 2024, federal prosecutors in Maryland also charged Sam Lee, an Australian, and Brenda Chunga in connection with the scheme. Burton faces a maximum sentence of five years in federal prison, and his sentencing is scheduled for July 23.