Hungarian Central Bank Warns Against MLM HyperVerse Schemes

  • 22 Aug 2022 10:27 AM
  • Hungary Around the Clock
Hungarian Central Bank Warns Against MLM HyperVerse Schemes
The MNB has issued a warning to consumers against HyperVerse multi-level marketing products (MLM) advertised on social media.

The central bank said HyperVerse has characteristics resembling those of a pyramid scheme.

The MNB acknowledged that it does not have oversight of transactions related to cryptocurrencies, but noted that authorities in the UK, India, New Zealand, Bermuda and Germany have also warned against HyperVerse and its predecessor HyperFund.

HyperVerse is an ecosystem that claims to create a decentralised financial infrastructure for digital currency users.

The central bank warned clients to exercise due caution when buying these products. They are strongly advised to assess the risk of the investment products and the operator of the scheme.

Cryptocurrency exchange rates are volatile and less predictable, and there are no institutions that can protect consumers, the MNB warned.

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