I purchased my first HyperVerse membership in December 2020 (they were then called HyperFund)….a lot has changed since then…⚠️
During that year, the rewards were stable and delivered as described, overall, it was a pretty excellent experience, relative to other stuff (pure crytpo, other crypto opportunities, building websites, writing books etc).
This review has been completely updated to chronological format so I can share my full experience as it unfolded, the recent changes (early 2022) and the reasons I am no longer enthusiastic about the opportunity or the company and stopped referring in December 2021.
I’ll do a brief overview of what Hyper is and why I joined, then break my experience down month-by-month, adding some facts / ‘current situation’ at the end…
Can’t be bothered reading it all? I don’t blame you!
Here’s the quick-ish summary:
I had +6 months with Hyper that were good, just a small glitch in my first month that the team took responsibility for and resolved. Communication was never a strong point. After 6 months, I started sharing / referring (prior to that I only had some family, friends and my own accounts ‘below’ me. You’ll need to read the whole article to understand what that means).
Overall, my first year (12-13 months) was good. Everything was on time and as described, even if comms were still poor. It was fairly simple and everything worked so I never had any need to engage with support and poor comms were not much of an issue.
However, in December 2021, they announced a large ‘update’ with virtually zero warning. Service Agreement changed, minimal notice, lack of clarity and put some members between a rock and a hard place.
I stopped referring due to the chaos I expected because of the ‘upgrade’ & the unknowns as regards what exactly was going on. I was still very positive though as TRC-20 withdrawals were being introduced — something we’d all been eagerly awaiting to reduce withdrawal fees (previously ERC20).
During this ‘upgrade’ they complicated things with new tokens, new promotions, new withdrawal methods etc, however withdrawals and core functionality continued.
Late January 2022, there were some extremely poor communications and I discovered people were experiencing issues since the ‘update’ (eg failed withdrawals).
A complete lack of integrity was also being shown, lack of empathy towards members and blatant lies coming from both community members and Hyper ‘staff’ (eg mods, admins, announcements).
More promotions and ‘features’ were being added while member issues continued to be ignored and support request queues ran into the hours of waiting, often only to be cut off. This continued over the next month or so.
In April 2022 a new 2.0 membership was introduced, and with it came yet more confusion / poor communication / issues.
Then, early April, MOF withdrawals stopped – it seemed nearly every member withdrawal is ‘pending’ or ‘failed’. Zero communication regarding this despite thousands of complaints. Withdrawal using HVT are still working (as of mid-May)…however that’s a joke in itself.
Will Hyper resolve these issues and recover? 🤷♀️ I’m personally very doubtful and I’m fairly positive they will “recover” enough for me ever to recommend them again – too much time and lack of comms has passed.
However, obviously I am hopeful they do pull everything together for the benefit of all the members.
Now, the full story…
What is Hyper?
I’m not going to fully describe what Hyper is. You can watch a video that explains everything here: https://thehypercommunity.net
However, for completeness, I’ll provide a bit of an overview.
Owned by HyperTech Global, a multi-billion dollar group of blockchain companies, it launched in 2019 and, until December 2021, existed as membership rewards program (think Airline Rewards, American Express rewards) with crypto education.
Now, after the 2021 rebrand etc to The HyperVerse, there are different components; the “membership rewards” (available globally) and the “ecosystem” (various aspects available depending on your local regulations).
The purpose (I joined in December 2020) was to grow a community, “the biggest blockchain alliance”; a hands-on educated in crypto and blockchain for HyperTech Global’s DeFi (decentralised finance) ecosystem with the aim of ‘going public’ around 2023 after they had accumulated a target 30M users.
This made sense as HyperTech operated in the blockchain space and the products they were developing needed an audience (96% of the global population are not familiar with blockchain technology. Products included HyperBC, HyperFin, HyperTalk and HyperPay — HyperPay being the main one that was a consumer product, fully developed and released.
As a member, you get access to educational materials and short news updates on crypto and blockchain. Members also get access to live training sessions (and recordings) on everything they need to understand Hyper, and get started in crypto.
This includes not only functionality internal to the system, but also on other platforms and exchanges such as OKex, Hoo, Binance etc.
Useful stuff, especially for new people.
3X membership rewards
Very briefly, the HyperVerse membership rewards each membership with 3X the purchase price at a rate of 0.5% per day of the purchase price.
For example; if you purchase a 1,000 membership, it will provide 3,000 in rewards at 5 per day (1,000 * 0.5% = 5).
Memberships are purchased in USDT and so are pegged to USDT (which is pegged to USD), using an internal Hyper unit (HU). You can exchange and withdraw your rewards any time you have accumulated 50 HU.
The exchange coin/token was only MOF. As of 2022, this changed.
This is one of the most misunderstood parts of the system. The membership rewards of 3X at 0.5% per day is completely passive – there is NO need to refer anyone to get 3X rewards.
And, everybody gets the same – there are NO commissions.
However, they do have a multi-level “community building” referral program that is designed to speed up the release of YOUR rewards. They call this “accelerated rewards”.
I was completely passive for my first six months – ie I did not refer anybody. However, I did create accounts for family members and I did do some “leveraging” (aka “stacking”) as was promoted in official technical training sessions/recordings and by senior leaders as a benefit of the system.
Hmmmm…more on that later 😉
When Hyper rebranded/launched as The Hyperverse in early December 2021, they separated the membership aspect from what they now call “the ecosystem”.
I had not participated in anything other than the membership rewards and, tbh, even +2 months after this relaunch/rebrand, I’m not entirely sure what ‘the ecosystem’ aspect is.
I’ll leave you to look into that as I’ve taken a big step back & have no intention of looking into it!
Why did I join?
I was introduced by someone in the #vanlife community. A very decent person who introduced me with zero pressure whatsoever; he was chilled & I’m very greatful to have met him. Of course, I had my concerns and my first initial thoughts after seeing (and mis-understanding) the referral system was “no way, this is a scam/ponzi”.
However, upon researching more and taking the time to understand the referral system a bit better (actually, I didn’t really understand it very well at all initially — only that it provided an acceleration of MY OWN pending rewards ie. I was not getting anything extra, nor was I taking anything from anyone), I was OK with it.
And I had no plans to be involved in the referral aspect anyway.
I wanted to be completely passive. I had to be completely passive because I had zero time due to other work/van commitments.
Upon reading more, I was interested in their DeFi ecosystem vision and some of the products they were proposing or had already developed.
Scam, ponzi & BehindMLM reviews
Yes, at the time I joined (December 2020) there was at least one scam/ponzi article on BehindMLM which was unnerving however, looking into it more, much seem to be a rant without much substance, full of lies and sensationalism.
For example, here are 3 completely false things they said;
MISTRUTH 1: “HyperCash is your typical pump and dump shitcoin” (displayed with coinmarketcap chart from late 2017).
In late 2017/18 everything pumped (& dumped!). HyperCash (HCash) has been developed with Monash University (link) and promoted by AU’s CISRO (link). Monero (XMR) deploys the PhD thesis of the HCash Chief Scientist, Dr. Joseph Liu…
Everybody is entitled to their opinion, but calling it a “typical pump and dump shitcoin” was clearly wrong and sensationalist.
MISTRUTH 2: “HyperFund’s commissions are tied to affiliate investor recruitment”
Again, this is entirely FALSE;
There is no commission or bonus for recruiting members, only an opportunity to accelerate the release of your OWN rewards.
If you purchase a membership, you will get the exact same return on that membership if you refer ZERO people or, if you refer 100 people.
You just receive it faster if you refer.
MISTRUTH 3: “Attached to HyperFund are a bunch of HyperX branded smoke and mirrors companies: [list of eg HyperPay, HyperBC, HyperMining, HyperMall etc]
HyperFund’s purpose was to fund, incubate and community build. Some of these projects were not ready, others are already live. The easiest example is HyperPay. Not only is it an advanced hot and cold wallet, but they also have debit cards and a hardware wallet with fingerprint ID, HyperMate; certainly NOT ‘smoke and mirrors’.
There are many other defamatory comments.
Above are just a few examples to demonstrate how inaccurate and sensationalist some of these writings are…and, some of the reasons why I eventually dismissed BehindMLM as being a reliable source of information.
The ‘Hyper’ companies
Although there seemed to be some secrecy and lack of information, there was enough to convince me that they were legit and had resources. At the very least, much more resources than several other cypto projects I’d bought into in 2017 lol.
Collinstar Capital is a blockchain asset mgmt with university connections (HK Polytech link), BW.com was acquired in 2017 by Collinstar for $100M (Business Wire link), the Blockchain Centre not-for-profit education seemed cool) and the aforementioned HyperPay (2017) and HCash (2016) seemed legit.
Furthermore, the main people were doxed. Again, not great online presence but again, certainly more credible than many of the crypto projects I’d previously bought into.
- Ryan Xu Founder of Hcash and Collinstar Capital. Bitcoin miner who was heavily featured in The Next Blockchain (Amazon Prime / Youtube Holds multiple advisory, chairman and director positions (SEC link re NASDAQ:CCNC). Angel investor in Binance and zb.com.
- Sam Lee CEO of Blockchain Global and Founder of the non-profit educational Blockchain Centre. Also appears in The Next Blockchain documentary. International keynote blockchain speaker who has been interviewed on Sky News and been an international advisor.
- Jayden Wei CEO of HyperTech Group, co-founder of CollinStar Capital who has worked with multiple governments and previously investment lead at Blockchain Ventures and Finovition Investments.
Those are some of the “due dil” / “research” type reasons I decided to join, but I had some personal ones too;
- I wanted something completely passive;
- I did not want it to be volatile (ie. highly correlated to a single coin/token) and;
- I wanted to be able to de-risk quickly – the daily release of rewards allowed me to do this.
As someone who has worked in tech and product development, inc UX most of my life, I was surprised by how poor the user onboarding was.
By poor onboarding experience, I mean there was none!
I had to contact the person who referred me and, AFTER I had purchased a membership, they could give me access to the official Telegram support group, some training videos and live Zoom sessions. 😵💫
As someone who values efficiency and likes to get stuck in, this was really frustrating.
Surely new users need onboarding guides and access BEFORE/DURING onboarding? Not AFTER they have already done the difficult bit!! #grrr
Eventually, I purchased a test membership and seen the rewards coming in.
Then, I purchased a few healthier memberships. I also set up small accounts for my family using funds I had originally invested in XRP 2017/18.
I watched the official technical training videos and one piece of functionally being promoted (the “Merge” function) caught my attention and leveraging multiple accounts.
Here’s an excerpt from one Tech Training video;
“Within Hyperfund we are able to have multiple accounts. We can leverage our funds via multiple accounts as if we were actually referring others, but still remaining completely passive if we choose. It’s one of the strengths of this amazing program. The reason we can do that is because the model is so sustainable.…it just saves you from having to sign in and out of different accounts.”
I decided to open an account under myself (ie a “stacked” account) and purchase more memberships within it.
Having read up a lot more, watched several ‘Tech Training’ videos and participated in the official Telegram support channel (at that time Telegram was the ONLY form of support – official and community), I learned more about the “multiple accounts”, also called “multiple positions”, “structure” or “stacking” strategy – it was being widely shared within the Telegram and various spreadsheets freely distributed.
Some Leaders went into lots of detail on how to setup your structure to “leverage your funds whilst remaining completely passive”, breaking down all the figures depending how deep you go.
Doing this, meant you could de-risk faster. And de-risking was one of my priorities.
I decided to sell some more Bitcoin/Ethereum and follow the instructions to create my “structure” (which was not very clean as I was indecisive how many “Levels” deep I wanted to go…and basically; I messed it up).
Despite my somewhat wonky structure, I figured it would shave around a month off how quickly I could de-risk.
System update and downtime
There was an upgrade and poor communication in January 2021. Including a login URL change without notice and an update to their email server which resulted in emails not being received (this often happens on a new email server if it is not properly “warmed up”).
Receiving emails is important because they use this to verify withdrawals.
This was my first real experience of how poor Hyper comms could be and their user experience (UX) in general.
And it came at a really bad time — I’d only been a member for a month.
And now I couldn’t withdraw!
Talk about unnerving?!
Fortunately, HyperFund acknowledged the disruption, were very apologetic and even provided us with a form of ‘compensation’ for all the trouble by means of increasing the 0.5% per day to 0.7% for a short while.
That was decent of them.
I actually liked them more by the end of it!
Withdrawing every week
My strategy has always been to de-risk as quickly as possible, so after testing a few rebuys, I started withdrawing every 5-10 days.
2021: February – April
During the first couple of months, I had slight feelings of regret, especially as crypto kept rising in value; I felt I may have been better off if I’d had done nothing (ie kept my crypto instead).
But I had my reasons and I made my decision, so overall, I was good.
I had very little interaction, other than exchanging to MOF and withdrawing approximately once per week into OKEX.
Despite my initial frustrations and lack of instruction within the app itself, everything was easy once you knew how.
And it always worked.
It took me only a few minutes to do all the security verifications to withdraw. They said it could take up to 48hrs; virtually all mine arrived within 24hrs.
I rarely visited Telegram. Only to check in on announcements or if I thought something had changed.
Despite there being good and helpful people in there, I found the Telegram “community” more toxic than friendly; people were often shot down by other members for asking legitimate questions or having legitimate concerns. Some people in the group were clearly more concerned about their own rewards and thus responded in a very defensive or dismissive manner to questions that might imply negativity and upset their downline.
I stayed away.
If ever I had slight regret, this was the month I was most grateful to Hyper.
Crypto crashed; majors such as Bitcoin 50% and altcoins by much more…some were down 80%.
Hyper rewards kept coming as if nothing happened.
I’d been writing articles for vanlifeincome for around a month and finally put the website live end of June 2021. One of the articles was my experience of Hyperfund.
I also took out a BitLoan using HyperPay to purchase some Strong nodes.
I de-risked my initial ie. I had withdrawn the equivalent value or more than what I had spent on memberships.
Marsmall was being promoted as one of the Hyper promotions – a place we could use to spend our “certified rewards”. People who had multiple accounts were asked to use one form to submit all;
“For users with multiple HyperFund account, please fill in ONE (1) single Google Form submission, but include all HyperFund usernames inside.”
It might seem a bit random me posting that verbatim (taken from official Telegram announcement) but it will become clear why when you see the drama of January 2022 😉
2021: July (1st referral)
I think in July I gained my first ‘downline’ referral ie. someone who wanted membership based on hearing about my experience.
Despite being de-risked, I kept withdrawing and used most of my rewards to buy Strong nodes. This was nothing to do with Hyper, just that I wanted Strong nodes 😉
At some point, Hyper had gotten a compliance team on board and I needed to make a few updates on my article.
This sounded very promising as it was nice to have some “proper” communication and it felt like some sort of organisation was coming.
“Yey! Better comms are coming”, I thought.
They were heavily trying to clean up people who may have been inaccurately promoting Hyperfund, making it sound like a financial company which it is not.
I kept withdrawing a lot due to wanting to buy Strong nodes, however at some point I changed from withdrawing to alternating between “rebuying” (using my rewards to purchase more memberships) and withdrawing at approximately 50:50.
They made an announcement that MOF was going to be forked to the TRC-20 (Tron) network.
Everyone was very pleased as the ERC-20 (Ethereum) network had been extremely congested in recent months and thus withdrawal fees fluctuated a lot and were often very expensive (not Hyper’s fault – this was a problem for all tokens on ERC-20).
TRC-20 would both reduce withdrawal fees to 1-2USDT equivalent and make them stable.
2021: December (stopped referring)
I was really pleased about the TRC-20 announcement; stable, cheap withdrawals were just what I was waiting for so I could hand over my family accounts.
The thought of trying to explain ERC-20 network fees and fluctuations (alongside everything else) to my dad did not appeal!
Too much all at once…
I’m not going to go into a lot of detail regarding what went on in December 2021, but, in my opinion, it was too many things at once and clearly things went wrong somewhere; stuff took much longer than expected, there was no documentation available for the new system/features, people were unable to withdraw, new withdrawal options were added without announcement or information.
I had a feeling it wouldn’t go smoothly which is why I had stopped referring – I’d thought only temporarily.
Here is just some of the changes/’updates’…
Suddenly there was announcement that something called The HyperVerse was coming and there was a weird new CEO who looked totally out of place, but hey, at least comms might start improving again? (they didn’t!)
I had no idea what The Hyperverse was and assumed it was something new/extra.
Nope; it was a complete rebrand of HyperFund + a full technical migration to new system + new UI + new withdrawal method(s) + lots of other sudden announcements such as everyone being asked to remove anything related to Hyperfund from all social media etc.
Apparently, there would be little-no changes to the membership rewards.
However, there would be a separate “ecoysystem” aspect for which elements would only be available based on local regulations and these might be subject to KYC.
I was getting ready to head off to Spain/Portugal at Christmas, so I removed/culled my article and stopped referring; I did not want to onboard anyone to a system/product that I didn’t know enough about…and I had guessed it probably would not be a smooth upgrade/migration.
New service agreement
They updated the service agreement. It now stated that multiple accounts are not permitted.
No facility was offered for anyone who already had setup multiple account prior to “fix” it eg merge/collapse into one account (the new service agreement talks about collapsing multiple accounts into the primary one “…multiple positions will be collapsed into a single original position”).
Withdrawals: MOF & HDAO
MOF was also taken offline for the fork to TRC-20.
HDAO was offered as an interim solution (I withdrew using it once and it worked fine).
The fork eventually went live after much delay and eventually became available on a few of the major exchanges (the exchanges also have to do some updates to accept it).
However, despite MOF withdrawals being live again and working, the withdrawal fees were not what we were expecting — they were around $20 (should be 1USDT on TRC20).
A token called HVT (HyperVerse Token) appears in back end. There is a lot of confusion regarding what it is for – no advance communication about it or how it would work.
Exchange (withdraw) options changed: “100% HVT” or “95% MOF + 5% HVT”.
HVT is a token on BSC (Binance Smart Chain) and whilst there is some confusion (as usual; poor communication), I felt it would be good to have some reason for hands-on education around other networks/chains and, more importantly MetaMask (and hopefully hardware wallets!).
Plus, 5% isn’t that much, especially when the rewards are already so good.
Generally, I stayed away
During December, I decided to ignore most of the upgrade/migration. I knew the lack of comms would annoy me so I steered clear of Telegram, only visiting occasionally to check on announcements.
I’d experienced the chaos one year earlier (this looked like it was going to be much worse!), however I’d also experienced them come through and everything return to “normal”.
There was also a lot going on in Telegram around “multiple accounts”; much misinformation being spread about people “abusing”, “exploiting” and “scamming” the company and that the company had only just became aware of such behaviour #lies.
This was concerning as much of the misinformation was in fact complete lies; leveraging multiple accounts had been promoted as one of the benefits by multiple leaders and even in official technical training.
Strategies and spreadsheets showing various structures had been regularly shared within the Official Telegram support group and, any promotions always requested that, “For users with multiple HyperFund account, please fill in ONE (1) single Google Form submission, but include all HyperFund usernames inside.”
It was coming up to Christmas and I was heading off on a big trip…so I stayed away.
It would sort itself out, or so I thought…
2022 got off to a really strange start with a video from Chuck Norris endorsing HyperVerse. That’s not weird at all. Hmm.
I was happily operating from sunny Spain with a cool cerveza and a view of the sea. I was even more happy to say that my withdrawals were going through fine and it seemed the dashboard was fully operational.
I totally forgot about random Chuck until I started writing this. Then I discovered Steve Wozniak (the pure genius behind Apple) had done something similar. #evenmoreweird. And mister new CEO, “Steven Reece Lewis” was becoming more plastic by the minute.
Anyway, despite all the weirdness, my withdrawals were working grand. However, they had changed the 95% MOF 5% HVT to be 10% HVT much to everyone’s dismay (basically, it takes YEARS to get a return when withdrawing by HVT method, and thats assuming the price remains stable. #unlikely).
As usual, there was no announcement for HVT and there still seemed to be a lot of confusion, especially around an expensive initial contract fee.
And there were still no user guides. #ffs
But, apparently user guides were coming, and not only that; new all-singing, all-dancing login-landing pages pre-populated with member details that would explain everything and improve the onboarding process were also almost ready.
In January I shared my “2021 roundup” and one of the things that I’d said was that Hyper had potential of having an army of genuine advocates if only they took on some constructive criticism, actioned it and improved their comms.
After a couple of weeks and successful withdrawals, I began sharing again with a few caveats; eg informing people of the the lack of user guides and MOF withdrawals still costing in region of 20USDT (however Hyper had acknowledged this and said it was being worked on).
Sharing lasted about a week.
Then I stopped referring for good.
I also reached out to everyone who had been in contact with me recently, letting them know I was not giving out invites due to recent poor comms.
On 25th January many users received what I can only describe as being the worst comms I have ever experienced…
“Risk notification of the account”
On 25th January 2021, a mass email had went out to thousands of members regarding KYC and multiple accounts caused confusion and concern.
It was so bad, people took to Telegram, thinking it was a fake or phishing scam.
The wording/English might be the first thing that gets your attention, but there are many other things wrong with this email.
Firstly, multiple accounts were being actively promoted in 2020 and throughout 2021 — why are users who created accounts BEFORE the new service agreement being targeted?
Secondly, and in true Hyper UX style [said with a hint of sarcasm], there were no Telegram announcements and when users logged into their account there was no message nor any “identity authentication” feature.
If things go really pear-shaped for Hyper, they could always write books on “how not to do comms” or “how not to do UX” or “now not to do system upgrades and rebrands”.
Rewards and withdrawals frozen
Suddenly, people who had done nothing wrong had their rewards frozen (ie. no more daily rewards) AND they could not withdraw.
Despite everything that is wrong with asking them to KYC for no good reason, there was no method for them to doso, even if they wanted.
Nor was there any method for them to combine/merge their accounts in order to comply with the new Service Agreement, which I’m sure most would have been happy to do.
How can things be done soooooo badly?!
Users being forced to KYC
People who received these emails now have to KYC (and many of them do not have any option to KYC even if they wanted to).
But why should they? Why are they being targeted?
What have they done wrong?
This is also despite Hyperverse repeatedly stating that what they offer is not a financial product (KYC or “Know Your Customer” is guidelines used in financial services to verify the identity, suitability, and risks of an individual – here’s more on Wikipedia).
And what ever happened to the “DeFi” ethos?
It appeared Hyper was becoming totalitarian (pretty-much the opposite of DeFi).
Telegram goes nuts – and now I see it…
That 25th January email was a trigger.
I’d always stayed clear of the Telegram, but now I check in and I started to see a lot of really disturbing stuff;
- Blatant lies by company representatives
- Bullying, gaslighting and patronization
Worse still, members are joining in: the multiple accounts propaganda is spreading.
People saying that members were abusing and exploiting the system without Hyper knowing about it is total bullsh1t. It was promoted in official technical training AND they built a merge function to support it!
People saying members are “buying rank”, which maybe some were, however (1) multiple accounts/positions was permitted and shared as a strategy and (2) it is unlikely most people were doing this to ‘buy rank’; it would cost them a fortune.
For example; I stacked to de-risk. Not to buy rank. This was in December 2020 / January 2021. Around six months later, in June/July I eventually started referring other people and gained my first rank in August/September 2021 — nine months after joining and ‘stacking’.
ie. my ‘stacking’ had very little effect on gaining rank. I did it purely to make my own membership purchase less risky.
If someone wanted to ‘buy rank’, they would need to spend $100,300 on memberships (!!!) to achieve the first level of “Expert”; $50,000 + $50,300….and that would have got them a [insert a little bit of sarcasm] grand acceleration of their own rewards of around $2 per day! (2.50 minus 20% which goes into ‘certified rewards’)….I really don’t think most people have that kind of money and if they do, would they really do that?!
I’d guess the majority of people with multiple accounts are like me; little guys who’s aim was simply to make things a little less risky. #understandable. And these are the people being ‘punished’.
Either way, it wasn’t against the rules and it was actively promoted as a strategy by multiple Leaders, even in official trainings.
Beyond structures, there are also people who setup accounts for family members, including elderly relatives and many of them are now also caught up in the big freeze.
Yes, great-granny’s account is now frozen and she must perform KYC! 🙁
Anyway, that was one of the things being wildly shared in Telegram; all these terrible, unethical people who had gone against the rules, exploiting Hyper to supposedly “buy rank”.
Meanwhile, anyone who shared proof to the contrary such as official training videos, screenshot of conversations, screenshots of official announcements etc, seen their posts deleted. Pure censorship.
More “Orwell 1984” than “DeFi 2022”
It saddens me to say this but, from what I was witnessing, Hyper was becoming more like something from George Orwell’s 1984 than anything remotely “DeFi”.
Company representatives blatantly lying about the “multiple accounts” situation; claiming this has only recently come to their attention and that it was always against the rules and has never been permitted or encouraged and trying to re-write the past. Lies.
Bullying, gaslighting and patronizing behaviour towards members, some of whom were clearly voicing extreme concern, showing major signs of anxiety and saying they were having sleepless nights over what was going on ie. them being treated like criminals, scorned and bated and/or being locked out of their funds. Totally unacceptable.
Deleting of posts that don’t align with their version of history. Cleansing of Telegram to remove references to multiple accounts or anyone sharing evidence (eg sharing official training videos that clearly demonstrate it was a known and encouraged strategy….or to promotions where official representatives asked for users with multiple accounts to input on one form). The beginning of the end?
I couldn’t believe what I was reading and witnessing.
I can cope with Hyper being a bit shit with communications, UX and even having more tech issues than most tech companies, as long as they are being honest.
But sadly, I’m not feeling or seeing that anymore.
It seems the new Hyper is very far away from the company I joined in 2020 and the positive behaviour I witnessed early 2021.
Any transparency and integrity there was is going down the toilet. Fast.
There is no place for blatant lies and attempts to rewrite history, especially those done in a way that makes honest members out to be exploitive scammers and criminals.
I see no reason to punish people, stop their rewards and withdrawals when they have done nothing wrong &/or treat them differently to any other member who has done nothing wrong.
Change is OK and evolution happens, especially in high-tech or innovation companies. However,…
If there is a new rule (eg. no multiple accounts), then give members who have created multiple accounts under the old rules and guidelines a means to merge them or, make the rule only applicable to accounts created after the new Service Agreement (aka ‘grandfather’ older accounts if easier).
Do not lie and say it was always against the rules.
That’s just wrong.
Do not freeze these peoples accounts and enforce a lengthily KYC process only on them
That’s also wrong.
If there is a change towards KYC, then do it right. Not like this.
And, the worst about it is that if they continue with this bullying, lying and censorship, enough people will either believe it or give up due to threats and fall into order.
They already are; I’ve seen it.
Other withdrawal issues (failed)
My newfound scrolling through Telegram, I see there are a lot of people who apparently do not have multiple accounts also experiencing withdrawal issues.
These “failed withdrawal” issues do not seem to be being addressed with the level of urgency you would expect from a company who cares. It seems some have been waiting since December!
“Be patient” is what they are being told (some for almost 3 months!).
There are also new withdrawal methods, all of which seem to have caused more confusion.
There are new promotions. More confusion.
And typical poor UX that doesn’t help matters eg users exchanging for a currency only to discover they cannot yet withdraw it. Yes; I know there is a popup on the home screen, but seriously; use a Warning/Alert confirmation dialogue pop up on important actions such as this; UX 101!
Support is lacking (& I feel sorry for them)
Apparently, people are waiting for hours in the customer support queue only to be cut off or given an unhelpful response.
How difficult is it to hire a few more support agents? Again, it appears this has been ongoing since December for many people.
The worst about it is that much of this is self-inflicted and would be resolved with better UX, better communications and basic user guides — I feel sorry for the support agents.
There were lots of excuses for the delays being pushed around in Telegram, one of which was Chinese New Year and people being away from work.
I hoped that after the festivities settled down, maybe things would be addressed and start moving 🤞
The conversations in Telegram overall were disheartening and exhausting; several of my posts voicing concerns late January /early Feb were deleted.
So I decided to step back and see what happens. Give Hyper the benefit of the doubt and hope things get resolved.
Afterall, they came through in 2021.
I waited until the end of the month, adding only brief updates on this page.
I was hoping that something good would happen and I could report that whilst there had been a feck-up, Hyper had taken things on board and everything was looking good again.
But sadly, that’s not the case. 🙁
Despite hearing rumour of “leadership” meeting with HQ and their voice (our voices) being heard, persons responsible being discussed and positive stuff happening…I haven’t seen it (unfortunately that’s the way comms tend to roll in Hyper; passed “Chinese-whisper-style” down the ranks until it becomes hearsay. Nothing official.)
Regarding the “multiple accounts” issue, despite the new service agreement stating “multiple positions will be collapsed into a single original position owned by the member”, I have not heard of any “collapsing” happening yet; anyone I know is still waiting to hear back on KYC.
To be clear
I’m not against change: I’m all for it and especially for anything that benefits and makes something sustainable.
What I am against is blatant lies (especially from official representatives), lack of integrity, disrespective, browbeating behaviour to community/members, freezing of accounts without good reason and censorship / attempts to re-write history to suit own agenda/narrative.
Also, I am not (at this time!) saying Hyper is a scam; I just hate what I’ve seen/experienced recently — it is very different from what I experienced a year ago and the impression I got from the founders and execs who seem like decent folks (Ryan Xu, Sam Lee and Jayden Wei).
But something has went badly wrong — is it bad advisors, new team members?
Is it a scam?
I honestly don’t know...
I think if it was a malicious scam or designed with the intent to “rug” they would have taken their money and disappeared long, long ago. Also, their HyperBC banking product won ‘payment provider of the year’ at the AIBC Summit in March 2022 and HyperPay seems to be doing well.
Maybe HyperVerse(Fund) is just really really mis-managed? 🙁
Where am I now? (facts & opinions)
I’m saddened by the recent months. What I have witnessed does not align with my values and obvs I am still not referring.
For transparency, in terms of rewards etc;
- Yes; in my main account I am getting rewards and I can still withdraw.
- My ‘sub’ accounts are frozen, including accounts I had created for other people (ie. they are NOT getting any rewards and I cannot withdraw) *
- My primary family accounts appear to be OK; only one family member is currently withdrawing and it seems grand. The others have only been re-buying.
- Overall, I have withdrawn much more than I purchased in memberships.
* For these accounts, there is a “Risk Warning” message and ID request. There is no further information regarding the process or what happens next. I have not yet submitted any ID — I’m hoping they come to their senses and provide ability for us to collapse accounts into one or at least streamline the process….and re-enable the release of rewards.
Bring back Hyper 2020/21 — ie bring back the people who acknowledged their shortcomings when service was not good in January 2021, held their hands up and put things right.
Whilst I am not actively engaging, I have got a lot of connections both within my team and cross-team who will keep me up to date if any major changes.
If there are any major changes (especially good ones!), I’ll update and add to this post.
Mini monthly updates
Ill pop some small updates here each month…
UPDATE: March 2022
- Primary account frozen and ID request.
- Still no information regarding collapsing multiple accounts into one.
- Still no update on TRC-20 withdrawal fees.
- Meanwhile, lots of features/promos being added…?!? (er – priorities?!)
- “Wait patiently” has become the phrase that no Hyper member ever wants to hear!
- Yey! I can withdraw (after ID was finally approved)
Note that their Service Agreement as of December 2021 states that multiple accounts are not permitted and that KYC may be requested, also the rate of release has been changed to 0.3-1% and various other changes — so for new users, this is what you are knowingly signing up for; ie, in theory, there shouldn’t be a problem (unless they change the rules / Service Agreement again!).
UPDATE: April 2022
- Members are experiencing long withdrawal delays of multiple weeks 😢 (myself and some of my ‘downline’ included).
- As of early April, myself (and some ‘downline’) have had all MOF sit in ‘pending’ status or fail. None had processed by the end of the month.
- There has been no official communications from head office / corporate regarding the multiple complaints / reports of withdrawal problems.
- Meanwhile, they find time to create/develop ‘Easter Egg Hunts’ 🙄
- People who are ‘complaining’ in the Telegram are receiving messages threatening them being removed.
- Membership 2.0 and MORE confusion/lack of information is added to the mix.
Now they have added more confusion; a 2.0 membership for which the information provided is unclear and the ‘punishment’ for remaining on 1.0 is not fully known – members have not been provided clear information to make an informed choice. Yet there is a 15th April ‘deadline’ to upgrade for free (yeah; you guessed it — zero information on what the assumed fee will be).
Does anyone remember the days when we were told the memberships we purchase would be honoured? Wording such as ‘If you purchase your 3X membership it will always remain as per the Service Agreement at that time (3X @ 0.5-1% per day) ie. changes will only be applied to newly purchased memberships”.🙄
Anyway…. in true Hyper form, these ‘2.0 upgrades’ have been poorly planned and communicated.
Many upgrades are failing. No information is provided regarding update deadline. Apparently there will be a ‘small fee’ for those who remain on v 1.0 AND those members will no longer receive accelerated reward bonuses. V 2.0 also required 125HU for a rebuy, rather than 50HU and the release, although 4X is at 0.3% per day. By sounds of it, upgrading resets everything although, as usual, everything is clear as mud.
Late April Update: it seems the ‘small fee’ for remaining on v1.0 is 30% 🤣…and they are reducing reward release from 0.5% per day to 0.4%. So much for “small”. Again, this has not been formally communicated, it has been passed down from some Chinese Whisper source.
What I can see though is that 2.0 disproportionally effects the new / less wealthy members —
…it takes much longer to get to 125HU for a rebuy, especially now the daily rewards are -40%; yep, it won’t just take them 2.5X longer (125HU instead of 50 HU)…it will take 4-5X longer 🙁 ….add this to the fact that Hyper are still taking around $20 USD worth of fees on an MOF withdraw (TRC-20 network; should be costing Hyper zero if they freeze enough TRX or $1-2 without) and its a 👎 for new/less wealthy members as these fixed fees disproportionally effect them when compared to the wealthier members 😟.
And finally, back to the ‘multiple accounts’ issue that was was first addressed in the new Service Agreement introduced in December 2021 stating that members are only allowed one account and those with multiple accounts would be collapsed into one (but never gave any members a way of doing this).
More than 5 months later and they have still not addressed this yet their new Service Agreement says only one account — what are people supposed to do?! 🤯
Yes, they are still playing the card that multiple accounts are to blame and were never allowed and that people were scamming Hyper which is absolute 🐂+💩 (yes; that’s a bull and a shit!).
There are many videos, conversation screenshots (including those where admins in Telegram are involved) and lots of evidence that proves otherwise.
Why lie about it?
And as for the ‘Service Agreement’; what’s the point in having one when they just change it any time they wish?
Hell, they even add to it it and then don’t even implement or have a system in place to manage what they have just added 🤯. #wtf?!
UPDATE: May 2022
- I eventually gave in and tried their HVT withdrawal method. Good news: This appears to be working, however it is painfully slow. Basically it drips out at tiny rate, ultimately taking years to receive your ‘initial’ returned in rewards from time of membership purchase. Not a massive problem for the big guys, but def a problem for the little guys….oh, and they charge $20 every time you initiate a withdrawal.
- Still no announcements from Corporate / the new management regarding all the MOF withdrawal issues (I still have 3 “pending” from early April and many others in same situation).
- On 15th May the HyperCommunity Telegram group got silenced; “There have been some technical issues with this channel. There is no reason to panic. While the issues are being resolved, comments have been disabled.” – I’m assuming it was because all the messages were complaints. I doubt it was a technical issue (‘technical issue’ is their go-to excuse for pretty-much any problem).
- Apparently, something new is coming; Hyper Nation! I’m sure everyone is really excited about that!🙄 (said with extreme sarcasm).
The big problem
As you can see, since January 2022 there have been many problems, some of which seem stupidly-simple to resolve, yet aren’t.
For me, the biggest problem and the primary reason I will probably never share Hyper again is having been witness to the lack of integrity, lies, disrespect, lack of empathy, censorship etc…. and not just from the Company, but from the so-called “Leaders” too (and other members).
I cannot recommend a company that behaves like that, no matter how good the rewards are.
Integrity > Rewards
Blockchain and DeFi have such transformative potential, but they require solid human fundamentals to be transformative. Hyper have the audience. They’ve done the hard work and have a large ‘community’, many of whom were totally new to crypto. IF they can get back to basics; take on board constructive criticism, improve communications/support and good values (integrity!), then maybe, they might make a big positive dent in the world.
I have my fingers crossed that will happen. 🤞 APRIL UPDATE: after all these months I’m not confident that will happen. 😔
I want Hyper to succeed for everyone. But I would be extremely wary of ANYONE who tries to invite you at this time; the past few months have been a complete 💩🎪 (shit show).
In the meantime, there are lots of other articles to check out. If you’re interested in crypto-related articles, check out: https://vanlifeincome.net/crypto 🙂