This is the best summary I could come up with:

In October the liquidator for Blockchain Global said in a publicly available report that last year he had referred Lee and Xu to the Australian Securities and Investments Commission (Asic) alleging that they “may have contravened” the Corporations Act.

Guardian Australia can reveal that, separately to Blockchain Global, Lee and Xu have promoted a series of crypto investment schemes since 2018, many of which appear to have since failed, leaving investors unable to withdraw funds.

The operation of a range of Lee and Xu’s investment platforms, mostly under the HyperTech group established in 2020, has prompted consumer warnings from financial watchdogs in the UK, New Zealand, Canada, Germany and Hungary, among others.

In a statement to Guardian Australia, Asic said it discloses “general information on its website regarding the risks of engaging with unlicensed organisations offering unregulated products”.

In September, California’s Commissioner of Financial Protection and Innovation issued a “desist and refrain order” to Lee for the operation of the We Are All Satoshi investment platform, alleging it was a “fraudulent pyramid and Ponzi scheme”.

Zoom meetings run by Lee and online chat groups linked to HyperFund and HyperVerse are inundated with investors who say they have lost funds, demanding to know when they will be able to make withdrawals.

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