Fund manager Daniel Cheung suing over lost funds

Quick Take

  • Cheung alleges he sent nearly one million dollars to someone who promised to invest in cryptocurrency but then couldn’t get his funds back.
  • The Syncracy Capital co-founder claims his losses “likely” total more than $2.7 million.

Syncracy Capital Co-Founder Daniel Cheung has filed a lawsuit alleging he was scammed out of nearly one million dollars.

In a lawsuit filed in the U.S. District Court of Central California's Western Division, Cheung alleges that Sean Full, a Los Angeles resident, took funds from him to invest in cryptocurrencies and decentralized finance projects, but then never returned the money. Cheung says he tried repeatedly to recoup his funds but was unable to.

Cheung claims that Full was meant to set up an investment portfolio and would allow Cheung to control the funds. And Cheung alleges that Full, without his consent, invested his money into an “unspecified, and presumably unregistered, ‘delta neutral yielding farming’ fund.”

The lawsuit also alleges that Cheung sent Full nearly one million dollars but his losses “likely” total more than $2.7 million.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

RT Watson is a senior reporter at The Block who covers a wide array of topics including U.S.-based companies, blockchain gaming and NFTs. Formerly covered entertainment at The Wall Street Journal, where he wrote about Disney, Netflix, Warner Bros. and the creator economy while focusing primarily on technological disruption across media. Previous to that he covered corporate, economic and political news in Brazil while at Bloomberg. RT has interviewed a diverse cast of characters including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers and convicted criminals. Holds a master's degree in Digital Sociology.

Editor

To contact the editor of this story:
Colin Wilhelm at
[email protected]

More by RT Watson