Guilty Plea for “Bitcoin Rodney”- Jamie Foxx’s Friend Involved in $1.8 Billion Crypto Scam
HyperFund promoter Bitcoin Rodney pleaded guilty to conspiracy this week and will be formally sentenced next week.
Quick overview
- Rodney Burton, known as 'Bitcoin Rodney', pleaded guilty to his role in a $1.8 billion cryptocurrency scam involving the HyperFund platform.
- The HyperFund operation, which promised unrealistic returns, was shut down after it was revealed to be a fraudulent scheme with no legitimate business backing.
- Rodney is facing a potential five-year prison sentence and was involved in promoting the scam from June 2020 to January 2022.
- Despite his connections with celebrities like Jamie Foxx and Tiffany Haddish, no charges have been filed against them in relation to the scam.
This week, Rodney Burton, known as “Bitcoin Rodney”, pleaded guilty for his involvement in a cryptocurrency platform scam worth $1.8 billion.
HyperFund Crypto was shut down, and its promoter Rodney Burton has been found guilty of conspiring to steal money from investors all around the world. Rodney boasts a number of celebrity friends, including actors Jamie Foxx and Tiffany Haddish as well as singers Rick Ross and Akon.
BTC/USDRodney pleaded guilty this week in a Federal court in Baltimore over his involvement in the fraud. The business known as HyperFund was promoted as a crypto trading platform, but prosecutors say that there was ongoing wire fraud and a number of unlicensed activities.
HyperFund’s Fall
Court documents show that Rodney promoted HyperFund from June 2020-January 2022. In that time, the business took around $1.8 billion from investors, and Rodney took home around $7.8 million. The unlicensed money transmitting service told investors that they would receive between a 0.5% and 1% return on their investment each day, and that would continue until their stake grew by 200% or 300%.
The way the fund was supposed to pay out was by using a crypto mining operation, but that part of the business was a total fabrication. The company was forced to stop paying investors as early as 2021, freezing withdrawals because they had no money to pay.
Rodney’s role was to provide consulting services and control several businesses that functioned together as a network. Money taken from HyperFund investors was pulled through these businesses to hide it and ensure it reached the pockets of those involved in the scheme.
Now Rodney is looking at five years in prison as is supposed to be sentenced on July 23rd. The case is part of a larger effort by the U.S. government to oversee cryptocurrency platforms and ensure their legitimacy. Rodney was often seen at public events with Jamie Foxx and other celebrities, but there are currently no charges being brought against Foxx or any of Rodney’s other celebrity acquaintances.
The cryptocurrency market slipped Tuesday after climbing high on Monday this week. By Wednesday morning, the major tokens were still down, but later in the day, Bitcoin and other crypto coins started moving upward once more. As oil prices drop and peace holds steady in the Middle East, market conditions are right for cryptocurrency coins to perform well.
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