Crypto businessman spent $90 million of investor funds on kept women and a penthouse

The 24-year-old founder of two cryptocurrency hedge funds has squandered almost all of investors' funds.

DuringFor several years, the Australian of Chinese descent did not deny himself a beautiful life at the expense ofStefan He Qin squandered all of the fund's capital on expensive apartments in New York, kept women, and risky stock trades.

As a result, he was sentenced to 7 years in prison. He took full responsibility for his actions and gave an interview before going to prison.

Qin complained of bullying during his school years, which robbed him of his self-confidence as a child.His Asian appearance and diligent studies became a cause for ridicule.At school, he was teased as a nerd. 

His girlfriend left him in 2017, the man fell into a deep depression and began to spend investors' money. Explaining his behavior with these events, he noted:

When at 21 you have access to such a lot of money, it leads to disaster.

Qin controlled the New York-based company Virgil Sigma from 2016 to 2020, allegedly using arbitrage strategies to make a profit.He claimed that since August 2016, he has been making a profit every month. 

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