- Australian university dropout Stefan He Qin is facing 20 years in prison.
- He stole AU$117 million ($90 million) worth of cryptocurrency funds from US investors.
- Qin drained almost all of the assets on personal indulgences including food, services, rent, etc.
Australian university dropout Stefan He Qin admitted to stealing AU$117 million($90 million) worth of cryptocurrency funds from US investors. He is facing 20 years in prison.
At the moment, Qin is awaiting sentencing in the US after pleading guilty to securities fraud in Manhattan federal court last week.
In addition, authorities explained that the fraud occurred from 2017 to 2020 as Qin operated the fund titled Virgil Sigma. Even more, the 24-year-old spent almost all the funds on personal indulgences including food, services, rent, and property investments, to the frustration of investors.
US Attorney Audrey Strauss said,
“Stefan He Qin drained almost all of the assets from the $90 million cryptocurrency fund he owned, stealing investors’ money, spending it on indulgences and speculative personal investments.”
Strauss added that Qin also tried to steal assets from another fund. Even more, he controlled to meet the redemption demands of the defrauded investors in the former fund. Now, he revealed everything and awaits sentencing.
Qin was involved in cheating dozens of investors. Qin also accepted full responsibility for his theft. Also, he committed to doing what he can to make amends. Nevertheless, he will be sentenced on May 20.
Furthermore, In 2018, Qin appeared on CNBC’s Fast Money. The interview mentioned that Qin got a 500% return in the year earlier, translating to $23.5 million.
Similarly, in November 2020, Conor Freeman was jailed for part of the online theft of over $2 million worth of crypto assets.