Australian Stefan He Qin, founder of two cryptocurrency funds, was accused by the United States Attorney's Office for fraud in a scheme that stole nearly $ 90 million. He pleaded guilty to all charges on February 4, 2021.
See too: UNDERSTAND WHY BITCOIN HAS APPRECIATED SO MUCH IN LESS THAN A YEAR
Fraud involved two funds The information was released in an official note published by the New York Southern District Attorney's Office of the U.S. Department of Justice. Authorities say the scheme operated between 2017 and 2020, during which the Australian lied to investors about the performance of his cryptocurrency fund.
Owner of the Virgil Sigma Fund and VQR Multistrategy Fund, Qin is now only 24 years old and at the time of the coup he was considered an investment genius. He spent almost the entire stolen amount, almost $ 90 million, on personal applications and luxury goods.
After years of defrauding his clients' applications in the Virgil Sigma Fund, he tried to steal money from the VQR Multistrategy Fund to pay investors in the first fund.
Fund owner confesses crimes “Stefan He Qin drained almost all the assets of the $ 90 million cryptocurrency fund he owned, stealing money from investors, spending it on indulgences and speculative personal investments, lying to investors about the fund's performance and what it did with their money, ”said the Justice Department.
He admitted the offense to the district judge in charge last week. “Qin tried to steal money from another fund he controlled to meet the rescue demands of defrauded investors in the first fund. The entire scheme has been revealed and Qin is now awaiting sentencing for his blatant theft, ”said Audrey Strauss, attorney for the Southern District of New York.
Stefan Qin was featured in the media in 2018 In interviews for The Wall Street Journal and the CNBC network, Stefan He Qin was highly prominent in the international media as a young prodigy who managed to make money from the ups and downs of bitcoin. In 2018, the cryptocurrency was in a critical situation and the consensus was that the cryptocurrency had broken.
In February of that year, The Wall Street Journal published a story under the title: “Is Bitcoin plummeting? This does not prevent arbitrage traders from reaching millions ”. At the time, the young investor was seen as a genius who managed to profit even in the face of severe drops in the price of cryptocurrency.
CNBC also conducted a television interview with Qin. In a post on Twitter, the network stated: “Stefan Qin of Virgil Capital is the 21-year-old fund manager who has a way of making money from bitcoin, whether its price is going up, down or nowhere” .
See too: UNDERSTAND WHY BITCOIN HAS APPRECIATED SO MUCH IN LESS THAN A YEAR
Fraud involved two funds The information was released in an official note published by the New York Southern District Attorney's Office of the U.S. Department of Justice. Authorities say the scheme operated between 2017 and 2020, during which the Australian lied to investors about the performance of his cryptocurrency fund.
Owner of the Virgil Sigma Fund and VQR Multistrategy Fund, Qin is now only 24 years old and at the time of the coup he was considered an investment genius. He spent almost the entire stolen amount, almost $ 90 million, on personal applications and luxury goods.
After years of defrauding his clients' applications in the Virgil Sigma Fund, he tried to steal money from the VQR Multistrategy Fund to pay investors in the first fund.
Fund owner confesses crimes “Stefan He Qin drained almost all the assets of the $ 90 million cryptocurrency fund he owned, stealing money from investors, spending it on indulgences and speculative personal investments, lying to investors about the fund's performance and what it did with their money, ”said the Justice Department.
Stefan Qin was featured in the media in 2018 In interviews for The Wall Street Journal and the CNBC network, Stefan He Qin was highly prominent in the international media as a young prodigy who managed to make money from the ups and downs of bitcoin. In 2018, the cryptocurrency was in a critical situation and the consensus was that the cryptocurrency had broken.
In February of that year, The Wall Street Journal published a story under the title: “Is Bitcoin plummeting? This does not prevent arbitrage traders from reaching millions ”. At the time, the young investor was seen as a genius who managed to profit even in the face of severe drops in the price of cryptocurrency.
CNBC also conducted a television interview with Qin. In a post on Twitter, the network stated: “Stefan Qin of Virgil Capital is the 21-year-old fund manager who has a way of making money from bitcoin, whether its price is going up, down or nowhere” .
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