Friday, September 17, 2021

Stefan Qin - Crypto Ponzi scammer = 7½ years in prison

Stefan Qin, 24, is off to the big house for 7½ years. His ponzi fraud extracted some $90m out of 100 people. Qin is an Australian who dropped out of college to found Virgil Sigma Fund LP in 2017. It was billed as a hedge fund that was generating 500% returns by exploiting the price gaps between cryptocurrencies on exchanges throughout the world. Qin claimed he developed a special trading algorithm called Tenjin. The arbitrage notion was and is rubbish.

He told the judge he “felt absolutely heartbroken”.
The self-proclaimed math genius blew investor's money on his lavish lifestyle, including a $23k per month Manhattan penthouse, a string of failed investments in initial coin offerings and real estate. Qin claimed to have suffered gaming and sexual addiction stemming from his traumatic childhood.