Crypto businessman spent $90 million of investor funds on kept woman and penthouse

The 24-year-old founder of two cryptocurrency hedge funds squandered almost all of investors' funds.

For several years, an Australian of Chinese origin did not deny himself a beautiful life at the expense of his investors. Stefan He Qin squandered the entire capital of the fund on expensive apartments in New York, kept women and risky stock transactions.

He was eventually sentenced to 7 years in prison. He took full responsibility for his actions and gave an interview before being sent to prison.

Qin complained of bullying during his school years, which robbed him of his self-confidence as a child. His Asian appearance and diligent studies became a reason for ridicule. At school he was teased as a nerdy nerd. 

The girl he loved left him in 2017, the man fell into a deep depression and began to spend money from investors. Explaining these events, he noted: When you have access to that much money at 21, it's a recipe for disaster. Qin controlled New York-based Virgil Sigma from 2016 to 2020, allegedly using arbitrage strategies to make a profit. He touted his strategy as market neutral, meaning he made money regardless of market conditions. He claimed that he had made a profit every month since August 2016. 

Subscribe to ForkNews on Telegram to stay up to date with news from the world of cryptocurrencies