The government is tracking crypto floating in the market based out of the nation subsequent to a warning that agencies responsible to monitor financial fraud are eyeing a firm called Hyper Fund.

According to sources, a DEFI by Hyper Tech Group, Hyper Fund has come under the radar currently. The Group avows to have introduced the Hyper Fund to offer a DeFi infrastructure. Hyper Fund was launched in mid-2020.

According to the website of the firm, it is headed by Ryan Xu, however, with the Multi-Level Marketing (MLM) model Hyper Fund has been tempting investors with higher returns and such handouts, an ordinary practice under Ponzi Schemes that got the authorities cautioned in the first place.

As per the sources, complaints against such Funds have started gushing in many states. The RBI, SEBI and Union Ministry, in India, cautioned people against crypto trading. The RBI is intending to introduce the official digital currency of India – E Rupee soon.

The Finance Ministry has shed light that digital currencies are also not legal tender. Hence, DCs are not currencies. The RBI has also explained that it hasn’t given any authorization/license to any firm/entity to deal or operate with Bitcoin or any virtual currency.

Regulators in the UK have issued alerts against such funds. The Financial Conduct Authority has warnings issued for both Fund Advisor and Hyper Fund.