fbpx
  • Price Tracker
  • Guest Post
  • Advertising & Partnership
  • Press Release
  • Editorial Policy
Coin Culture
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Business
    • Policy & Regulation
    • Tech
    • People
  • Markets
    • Forecast
      • Ethereum Price Predictions
      • Bitcoin Price Predictions
  • 101 Guide
    • Blockchain Guide
    • Trading Guide
    • Bitcoin Guide
    • DeFi Guide
    • Ethereum Guide
  • Product Reviews
    • Crypto Exchange Reviews
      • CoinSpot Review
      • Swyftx Review
      • Binance Australia Review
      • MEXC Review
      • BitMart Exchange Review
      • Bybit Australia Review
      • CoinSpot Mastercard Review
    • Exchange Comparisons
      • CoinSpot vs Swyftx vs Binance
      • Coinspot vs Binance
      • Crypto.com vs. Binance
      • CoinSpot vs Kraken
      • Swyftx vs Coinbase
  • Contact
    • About Us
    • Submit Press Release
    • Submit Querry
    • Submit Guest Post
  • Crypto Wiki
No Result
View All Result
Coin Culture
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Business
    • Policy & Regulation
    • Tech
    • People
  • Markets
    • Forecast
      • Ethereum Price Predictions
      • Bitcoin Price Predictions
  • 101 Guide
    • Blockchain Guide
    • Trading Guide
    • Bitcoin Guide
    • DeFi Guide
    • Ethereum Guide
  • Product Reviews
    • Crypto Exchange Reviews
      • CoinSpot Review
      • Swyftx Review
      • Binance Australia Review
      • MEXC Review
      • BitMart Exchange Review
      • Bybit Australia Review
      • CoinSpot Mastercard Review
    • Exchange Comparisons
      • CoinSpot vs Swyftx vs Binance
      • Coinspot vs Binance
      • Crypto.com vs. Binance
      • CoinSpot vs Kraken
      • Swyftx vs Coinbase
  • Contact
    • About Us
    • Submit Press Release
    • Submit Querry
    • Submit Guest Post
  • Crypto Wiki
No Result
View All Result
Coin Culture Logo
No Result
View All Result

Home » Australian Crypto Fraudster Blows $123 Million on Sugar Babies

Australian Crypto Fraudster Blows $123 Million on Sugar Babies

Van Tran by Van Tran
July 1, 2022
in People
Man using computer for bitcoin trading
Share on FacebookShare on Twitter

You might also like

Michael Saylor Contends that he Supports Bitcoin Self-Custody Amid Community Backlash

Economists Endorse Ethereum Founder Vitalik Buterin as Nobel Prize Contender

Elon Musk Wins Dogecoin Lawsuit: Judge Dismisses $258 Billion Case

Stefan He Qin, a 24-year-old Australian crypto fraudster, recently confessed to using a good majority of the $172.5 million AUD that he stole from investors to fuel his sugar baby addiction. The fraudster received a 7-year jail sentence for defrauding investors in a crypto Ponzi scheme.

 

Qin’s actions are a good lesson to the many Australian investors shifting to cryptocurrencies. Australia is at the forefront of the adoption of cryptocurrencies. Many investors are now investing in digital currencies as opposed to traditional investments, and many are making great profits as a result. However, regulations aren’t moving along as quickly as the industry. This has left Australian investors open to the risk of losses through scams.

 

While Qin’s scam is not amongst the top crypto scams in history, it certainly resulted in the loss of millions of dollars in investors’ hard-earned money. More than 100 investors from the US and Australia suffered losses at the hands of Qin totalling $172.5 million AUD. He managed this between 2017 and 2020 when he is reported to have taken over the operation of the hedge fund, Virgil Sigma.

 

How Aussie Crypto Fraudster Stole $172.5 Million AUD 

Qin got into cryptocurrencies after he dropped out of the University of NSW in 2016. He moved to China, where he got a job in a crypto exchange. Qin create software that took advantage of the price differences of bitcoin on different crypto exchanges to make a profit by buying and selling bitcoin. He took this software and set up Virgil Sigma Fund with the investment of a hedge fund.

 

Qin gained recognition as the bitcoin wunderkind in 2018 when his fund had $2.8 million AUD invested. The money continued to flood in after his story was published in the Wall Street Journal. He raised an extra $91 million AUD in just one month thereafter.

 

However, he had no real way to deploy the funds. He was later interviewed and did something that a fund manager would never do. He gave away competitive opportunities to viewers by suggesting they look for investment opportunities in Eastern and Western markets.

 

Qin lied to his investors about how the fund was being invested and its performance. He wasn’t actually trading the funds. According to his confession, the fund, and the trades were all fake. He later confessed that he used the funds to bankroll his lavish lifestyle and addiction to sugar babies.

 

According to Qin, the collapse of the fund came when the senior executives of the fund came together and revealed his activities to the authorities. The executives outlined how he was shifting money between different accounts in order to cover up the fact that the fund was underperforming.

 

When asked why he did what he did, he said that he was at the lowest point of his life following a ‘break-up’ with his girlfriend as well as a disagreement with the co-founders of his hedge fund. He felt like he was living in a video game.

 

Qin’s story is a lesson to investors to be more careful when investing in cryptocurrencies and to keep an eye on how their funds are being invested. 

 

Tags: CryptocurrenciesPeopleTop Crypto News Australia | CoinCulture
Van Tran

Van Tran


EDUCATION
Bachelor of Finance, University of Virginia
SUMARY Van Tran brings over a decade of experience in the financial services industry, with a specialisation in cryptocurrency. She used to serve as a Senior Crypto Writer at Coin68, where she managed ecosystem and trading guide columns and led the trading department. Her expertise includes trade review, compliance, suitability evaluation, and supervisory programs.
EXPERIENCE
Senior Crypto Writer, Coin68 (2020-2022) Managed ecosystem and trading guide columns. Led the trading department, overseeing trade review and compliance. Evaluated suitability and ensured compliance with education requirements. Implemented and supervised compliance programs for representatives.

Recommended For You

Michael Saylor Contends that he Supports Bitcoin Self-Custody Amid Community Backlash

by John Hobbs
October 25, 2024
0
Michael Saylor Contends that he Supports Bitcoin Self-Custody Amid Community Backlash

Michael Saylor, the co-founder of MicroStrategy, expressed his support for Bitcoin self-custody, calling it a fundamental right, following backlash from the crypto community over his recent comments on...

Read more

Economists Endorse Ethereum Founder Vitalik Buterin as Nobel Prize Contender

by John Hobbs
October 10, 2024
0
Economists Endorse Ethereum Founder Vitalik Buterin as Nobel Prize Contender

Two economists recently suggested that Ethereum co-founder Vitalik Buterin could be a candidate for the Nobel Prize in Economics due to his contributions to cryptocurrency. The comments were...

Read more

Elon Musk Wins Dogecoin Lawsuit: Judge Dismisses $258 Billion Case

by John Hobbs
August 31, 2024
0
Elon Musk Wins Dogecoin Lawsuit: Judge Dismisses $258 Billion Case

On Thursday, U.S. District Judge Alvin Hellerstein in Manhattan ruled in Musk's favour and ended claims against him and his company. Investors' Claims Rejected The lawsuit, revised four...

Read more

Kamala Harris Advocates for Crypto Industry Growth with Focus on Consumer Protection

by John Hobbs
August 22, 2024
0
Kamala Harris Advocates for Crypto Industry Growth with Focus on Consumer Protection

Vice President Kamala Harris is planning to support policies that promote growth in the crypto and digital asset sectors while ensuring consumer protection, according to a Bloomberg report...

Read more

Justin Sun Calls on China for Bitcoin Policy Reforms Amid US Crypto Strategy Developments

by Lucas N
July 30, 2024
0
Justin Sun Calls on China for Bitcoin Policy Reforms Amid US Crypto Strategy Developments

Justin Sun, the founder of the Tron blockchain, has encouraged China to adopt a more progressive stance on cryptocurrency policy. His call comes as former US President Donald...

Read more
Next Post
ethereum 2.0 meme

A Quick History of Ethereum’s Crypto Memes

Please login to join discussion

Most popular

  • Why Brands Should Adopt A ‘Hybrid DAO’ Model

    Why Brands Should Adopt A ‘Hybrid DAO’ Model

    184 shares
    Share 74 Tweet 46
  • Kucoin Review 2024: Features, Fees & More

    156 shares
    Share 62 Tweet 39
  • Coinbase vs Binance: A Side-By-Side Comparison 2023

    270 shares
    Share 108 Tweet 68
  • 20 Best Crypto Copy Trading Platforms: A Curated List 2024

    672 shares
    Share 269 Tweet 168
  • 11 Best Crypto Debit Cards In Australia: A Curated List 2024

    428 shares
    Share 171 Tweet 107

Recommended

Ethereum Foundation Reveals $788 Million in Crypto Holdings, Mostly in Ether, Amid Transparency Push

Ethereum Foundation Reveals $788 Million in Crypto Holdings, Mostly in Ether, Amid Transparency Push

November 9, 2024
Solana Surpasses Binance Coin (BNB) as Fourth-Largest Cryptocurrency

Solana Surpasses Binance Coin (BNB) as Fourth-Largest Cryptocurrency

November 8, 2024
Trump Declares Victory - What will the US Crypto be?

Trump Declares Victory – What will the US Crypto be?

November 6, 2024
Kraken Introduces Crypto Derivatives Suite for Australian Wholesale Clients

Kraken Introduces Crypto Derivatives Suite for Australian Wholesale Clients

November 5, 2024
coin culture logo

Your Australian news source for all things cryptocurrency. Coin Culture is an independent media outlet that aims to provide an Aussie take on crypto, digital assets, and investing.

Hot Topics

  • DeFi
  • NFT
  • Gaming

Top articles

CoinSpot Review
Swyftx Review
Best Crypto Exchanges Australia
CoinSpot vs Swyftx

BROWSE BY TAG

Altcoin News Bitcoin CoinSpot Cryptocurrencies Crypto Exchange Crypto Tax DeFi Dogecoin Dogecoin News ETF Ethereum Feature FED FTX Games hacks Layer2 Markets meme Metaverse Mining NFT Opinion People Policy and Regulation Polygon SEC Security Solana News Stablecoins Tech Top Crypto News Australia | CoinCulture Trading US web3 XRP News

RECENT POSTS

  • Ethereum Foundation Reveals $788 Million in Crypto Holdings, Mostly in Ether, Amid Transparency Push
  • Solana Surpasses Binance Coin (BNB) as Fourth-Largest Cryptocurrency
  • Trump Declares Victory – What will the US Crypto be?

© 2023 CoinCulture. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Please enter and activate your license key for Cryptocurrency Widgets PRO plugin for unrestricted and full access of all premium features.
  • bitcoinBitcoin(BTC)$106,219.00-1.35%
    BITCOIN
    24H : -1.35%
    Volume : $36,944,310,266.00
    Marketcap : $2,111,016,879,217.00
  • ethereumEthereum(ETH)$2,652.210.250%
    ETHEREUM
    24H : 0.250%
    Volume : $27,062,485,087.00
    Marketcap : $320,197,153,144.00
  • tetherTether(USDT)$1.000-0.02%
    TETHER
    24H : -0.02%
    Volume : $57,391,534,381.00
    Marketcap : $153,023,291,236.00
  • rippleXRP(XRP)$2.280.990%
    XRP
    24H : 0.990%
    Volume : $2,141,606,182.00
    Marketcap : $133,550,272,343.00
  • binancecoinBNB(BNB)$677.39-1.44%
    BNB
    24H : -1.44%
    Volume : $907,854,651.00
    Marketcap : $98,824,086,711.00
  • solanaSolana(SOL)$168.13-1.40%
    SOLANA
    24H : -1.40%
    Volume : $3,761,341,045.00
    Marketcap : $87,532,155,879.00
  • usd-coinUSDC(USDC)$1.000-0.01%
    USDC
    24H : -0.01%
    Volume : $10,323,395,820.00
    Marketcap : $61,166,183,247.00
  • dogecoinDogecoin(DOGE)$0.219-0.13%
    DOGECOIN
    24H : -0.13%
    Volume : $1,398,442,154.00
    Marketcap : $32,732,666,050.00
  • cardanoCardano(ADA)$0.731-1.72%
    CARDANO
    24H : -1.72%
    Volume : $642,902,502.00
    Marketcap : $26,395,997,787.00
  • tronTRON(TRX)$0.2760.520%
    TRON
    24H : 0.520%
    Volume : $632,623,613.00
    Marketcap : $26,206,623,489.00

Add New Playlist

No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Business
    • Policy & Regulation
    • Tech
    • People
  • Markets
    • Forecast
      • Ethereum Price Predictions
      • Bitcoin Price Predictions
  • 101 Guide
    • Blockchain Guide
    • Trading Guide
    • Bitcoin Guide
    • DeFi Guide
    • Ethereum Guide
  • Product Reviews
    • Crypto Exchange Reviews
      • CoinSpot Review
      • Swyftx Review
      • Binance Australia Review
      • MEXC Review
      • BitMart Exchange Review
      • Bybit Australia Review
      • CoinSpot Mastercard Review
    • Exchange Comparisons
      • CoinSpot vs Swyftx vs Binance
      • Coinspot vs Binance
      • Crypto.com vs. Binance
      • CoinSpot vs Kraken
      • Swyftx vs Coinbase
  • Contact
    • About Us
    • Submit Press Release
    • Submit Querry
    • Submit Guest Post
  • Crypto Wiki

© 2023 CoinCulture. All rights reserved.