December 2, 2022

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

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

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

During several years old aussie chineseorigin did not deny himself a beautiful life at the expense of his investors. Stefan He Qin squandered all the capital of the fund on expensive apartments in New York, kept women and risky stock transactions.

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 about being bullied during his school days,which robbed him of his self-confidence as a child. His Asian appearance and diligent studies have become a cause for ridicule. At school, he was teased as a nerdy 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 company VirgilSigma from 2016 to 2020, ostensibly using arbitrage strategies to generate profits. It advertised its strategy as being market neutral, meaning that it made money regardless of market conditions. He claimed that since August 2016 he has been making a profit every month.

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