Sam Lee, the Australian mastermind behind the $1.89 billion HyperTech Ponzi scheme, has a novel defense for his criminal indictment: the victims lied.

Lee made the claim during a recent webinar, according to posts from the "Hyperverse/Nation/Fund Scam – Now What?" Facebook group. He dismissed the charges as unavoidable fallout from people deceiving regulators who simply believed their stories.

"The worst has already happened," Lee said on the webinar. "When you realize the worst is basically people lying to regulators, and regulators believing their version of the story."

The DOJ pegged losses from HyperTech at $1.89 billion. The SEC put the figure at $1.7 billion. Either way, Lee faced a federal indictment last month and civil fraud charges from the SEC—charges he apparently sees as a minor inconvenience.

What's more alarming: Lee is already building his next scheme. On February 4th, The Guardian's Sarah Martin reported that Lee has begun promoting two new ventures called VEND and Satoshi Math Club. In a promotional video circulating on social media, the 35-year-old urged followers to "not be in the mindset of loss."

VEND appears to be a resurrection of VidiLook, a Ponzi scheme that collapsed twice before. The acronym stands for "VidiLook Effort Never Dies"—a fitting slogan for someone determined to keep scamming. The original VEND site went dark late in 2023, but Lee relaunched it under the domain vend.limited in September 2023. The website mimics the template of Chinese "click a button" Ponzi apps. In January 2024 alone, the site drew roughly 870 visits, nearly all from Brazil.

Satoshi Math Club appears to be a continuation of Lee's earlier We Are All Satoshi scheme. According to Lee's pitch, the "club" teaches calculations that predict the future, allowing members to make "calculated bets" on market movements.

Until recently, Lee funneled his operations through StableDAO, but the hosting for that website has been suspended.

Lee fled Australia for Dubai in 2021 as his previous schemes unraveled. He now has an open US arrest warrant, and authorities believe he's still hiding in Dubai. His former partner Ryan Xu vanished when HyperFund collapsed in late 2021 and hasn't been seen since.

Despite facing criminal charges and civil fraud allegations totaling roughly $1.8 billion in losses, Lee continues operating with what can only be described as stunning contempt for both his victims and the law. His willingness to launch new scams while under indictment suggests he either believes he's untouchable in Dubai or simply doesn't care who he defrauds next.

🤖 Quick Answer

Who is Sam Lee and what scheme is he associated with?
Sam Lee is an Australian businessman indicted for orchestrating the HyperTech Ponzi scheme, which caused estimated losses between $1.7 billion and $1.89 billion according to SEC and DOJ assessments respectively. He faces federal criminal charges and civil fraud allegations.

What defense did Sam Lee present regarding his indictment?
Lee claimed that victims, rather than himself, bore responsibility for the charges by allegedly lying to regulators. He characterized the legal proceedings as an inevitable consequence of people deceiving regulatory authorities who subsequently believed their accounts.

How much money was lost in the HyperTech scheme?
The DOJ estimated losses at $1.89 billion, while the SEC calculated the figure at $1.7 billion. These substantial losses affected numerous investors in the fraudulent investment scheme.

**Where did Sam Lee make his recent

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