Virgil Capital Founder Admits $100 Million Crypto Fund Fraud

Virgil Capital Founder Admits $100 Million Crypto Fund Fraud
Bloomberg
2/5/2021
Joel Rosenblatt and Chris Dolmetsch
© Bloomberg
An engineer walks by mining rigs at the Evobits crypto farm in Cluj-Napoca, Romania, on Wednesday, Jan. 22, 2021. The world’s second-most-valuable cryptocurrency, Ethereum, rallied 75% this year, outpacing its larger rival Bitcoin.
(Bloomberg) -- The 24-year-old founder of Virgil Capital, which ran two cryptocurrency hedge funds, admitted to duping investors out of almost $100 million and using the money to support a lavish lifestyle.
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Stefan He Qin pleaded guilty Thursday in federal court in New York and faces as much as 20 years in prison at his sentencing in May. Prosecutors said the Australian national stole investor money from Virgil Sigma Fund LP, a fund he controlled that purported to use a trading algorithm to take advantages of price differences in a variety of cryptocurrencies, and attempted to dip into his VQR Multistrategy Fund LP to pay back investors in the first fund.

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