Australian Stefan He Qin, founder of two cryptocurrency funds, was accused by the United States Attorney’s Office of fraud in a scheme that stole nearly $90 million. He pleaded guilty to all charges on February 4, 2021.

Owner of the Virgil Sigma Fund and VQR Multistrategy Fund, Qin is now only 24 years old and at the time of the coup he was considered an investment genius. He spent almost the entire stolen amount, of almost $ 90 million, on personal applications and luxury goods.

“Stefan He Qin drained almost all of the assets from the $90 million cryptocurrency fund he owned, stealing money from investors, spending it on indulgences and personal investments, lying to investors about the fund’s performance and what it did with their money, ”said the Justice Department.

In interviews for The Wall Street Journal and the CNBC network, Stefan He Qin was highly prominent in the international media as a young prodigy who managed to make money from the ups and downs of bitcoin. In 2018, the cryptocurrency was in a critical situation and the consensus was that the cryptocurrency had broken.

.@stefqin of Virgil Capital is the 21-year-old hedge fund manager who's got a way to make money on #bitcoin whether it goes up, down, or nowhere at all pic.twitter.com/loQrB7f0zH

— CNBC's Fast Money (@CNBCFastMoney) February 27, 2018