FEDS arrested 24 Year Old Cryptocurrency king Stefan Qin who was living in a $23,000 a month condo.
His story started back in China where he did an internship with DigFin, and learned how to build a platform between China and US that could buy and sell cryptocurrencies simultaneously. With that experience at only 19 years old Stefan Qin started an elaborate cryptocurrency Ponzi scheme that would net him almost $90 Million in stolen money from over 100 investors before FEDS caught on to him.
In 2016 Stefan Qin was still a college student, but then decided to dropout and explore his sinister venture. He started a hedge fund called “Virgil Capital”, and tricked clients by telling them he create a formula dubbed “Tenjin” that could keep track of cryptocurrencies being exchanged all over the world and act on them once their price rose. He was fudging numbers to these investors, who brought along more unknowing investors furthering his cryptocurrency ponzi scheme.
At the height of his success Stefan Qin was so rich that his $23,000 a month condo had a virtual golf course and personal sauna. He is now facing lengthy jail sentence after pleading guilty to Security fraud in Federal court. He is facing 5 years in prison. He is probably asking himself “was it worth it” now.