A 56-year-old Florida resident has pleaded guilty in federal court to conspiracy charges connected to a massive $1.8 billion cryptocurrency fraud. Rodney Burton, known online as "Bitcoin Rodney," admitted to operating an unlicensed money-transmitting business to promote HyperFund, a global wire-fraud scheme that devastated thousands of investors.
The United States Attorney’s Office for the District of Maryland confirmed the plea alongside agents from IRS Criminal Investigation and Homeland Security Investigations. Prosecutors stated HyperFund falsely promised daily passive returns of 0.5% to 1%, claiming payouts derived from non-existent crypto-mining revenue. The platform ranks among the largest crypto collapses in history, comparable to OneCoin and BitConnect.
Between June 2020 and January 2022, Burton utilized investor funds for personal enrichment while controlling shell consulting companies. He personally received at least $7.8 million in proceeds from the operation. Burton now faces a maximum sentence of five years in federal prison, with sentencing scheduled for July 23.
Federal authorities previously charged co-conspirators Sam Lee and Brenda Chunga for orchestrating the scheme. While Chunga awaits sentencing, Lee remains at large. HyperFund ultimately collapsed in November 2022 following multiple rebrands, marking another significant enforcement action against fraudulent decentralized finance ecosystems.