Stefan Qin appeared in an interview at CNBC back in 2018 explaining how he has found a way to make money using Bitcoin no matter BTC prices went up, down or remain still. The interview made then 21 year old quite famous and his crypto hedge fund Virgil Capital was a one night success.
The now 23 year old is being pursued for fraud by @SEC_Enforcement, as of yesterday. https://t.co/lKV8s1RpZK https://t.co/kZR18GrZ2y
— CryptoThies ♔ (@KingThies) December 29, 2020
SEC Freezes Assets and Charges Stefan Qin for Fraud
Few days back SEC accused Stefan Qin for fraud and started their investigation. In a latest press release, SEC has charged Qin and his entities for misleading investors through their Sigma Fund and has frozen their assets. The major complaints in the case as per SEC are:
- Qin Mislead investors by promising to use the funds only for cryptocurrency trading while Qin and his entities used the funds for personal as well as other high risk investments.
- Investors were informed that their funds will be transferred to a new firm owned by Qin no funds were transferred.
- SEC complaint alleges that 23 year old is still attempting to misappropriate assets from his VQR fund and raising money for Sigma Fund.
Who is Stefan Qin?
Stefan Qin is a 23 year old Australian based in California who built a business out of arbitrage opportunities available in cryptocurrency space. In 2016, Stefan founded Virgil Capital a firm specializing in cryptocurrency arbitrage and put his studies San Francisco’s Minerva schools on hold.
His Crypto hedge fund Virgil capital clocked 400% returns on investment in 2017-18 managing around $23.5 Million then.