A person from Australia operated two crypto fund management companies, which was basically a Ponzi scheme and now he will live behind the bars for the next 20 years.
In the present time crypto and Bitcoin are giving opportunities for those who are not able to grab huge earnings through their practical life job. But few people use crypto to fool people and promise to give huge profits in a small interval of time, and in this way they trick people easily.
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Stefan Qin is an Australian citizen and his age is 24 years old. There are two allegations against this guy for running a Ponzi crypto scheme.
Allegedly Qin operated two crypto hedge fund investment firms from 2017 and 2020.
Qin through his Ponzi company Virgil Sigma Fund LP of New York, tricked users to grab Investment and claimed that he will use the investors’ fund to trade for crypto assets at different exchanges under the price difference. But instead of trade, he used the funds for his good lifestyle.
When investors asked for the return of the funds, Qin came to know that he will be exposed by the investors soon, so to cover the funds of the Investors of Sigma, he collected the funds through another company VQR Multi Strategy Fund LP of the Cayman Islands, which was basically operated by Qin himself.
Valerie Caproni, District judge, described Qin as a very dangerous person for people and added
“a potentially very dangerous person” who “deliberately and consciously chose a path” to take advantage of his investors”
Now, there are fines against Qin of around $54.8 million, Which is somewhat equal to the amount of total Invested funds by innocent people. Qin will also face a 20 year prison sentence.
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