Crypto Hedge Funds Defraud $100 Million From Investors, Founder Faces 20 Year...
The founder of two cryptocurrency hedge funds has been charged in U.S. federal court for securities fraud. He has pleaded guilty and is facing up to 20 years in prison. His two funds cumulatively had over $100 million in investments. The U.S. Department of Justice (DOJ) announced Thursday that Stefan He Qin, a 24-year-old Australian national and founder of two crypto hedge funds, has been charged with securities fraud and has pleaded guilty in Manhattan federal court. Qin “owned and controlled two cryptocurrency investment funds” called Virgil Sigma and VQR Multistrategy....
Related News
Hedge funds are betting against Rome’s liabilities as S&P Market Intelligence data indicates investors have amassed a $37 billion short bet against Italian debt. The hedge funds are betting large against Italian bonds and investors haven’t bet this high against Rome since 2008, as Italy faces political uncertainty, an energy crisis, and an inflation rate of 8.4% in July.
Investors Expect Italian Debt Default Amid Country’s Shaky Bond Market, Energy Crisis
Italy’s economy has been volatile in recent times as the Ukraine-Russia war has wreaked havoc on....
The founder and manager of several cryptocurrency funds has pleaded guilty to luring investors to his crypto investment scam. His funds consistently lost money and his scam left investors with a $5 million loss, according to the U.S. Department of Justice (DOJ). Investors Scammed Into Investing in Coin Signals’ Funds The U.S. Department of Justice (DOJ) announced Tuesday that Jeremy Spence (aka Coin Signals) has pleaded guilty in a fraudulent cryptocurrency investment scheme. Spence “solicited over $5 million from more than 170 individual investors for various cryptocurrency....
The founder of two cryptocurrency hedge funds in New York, Stefan Qin, has been sentenced to 7.5 years in prison and three years of supervised release. He is also ordered to forfeit about $55 million. The Department of Justice (DOJ) said that he “engaged in a scheme to steal assets” from his hedge funds and defraud investors.
Crypto Hedge Fund Founder Gets 7.5 Years in Jail
Stefan Qin, the founder of two cryptocurrency hedge funds in New York, has been sentenced to 7.5 years in prison, the U.S. Department of Justice (DOJ) announced last week.
Qin, a....
From an investment perspective, bitcoin mainly exists in funds held by smaller investors as larger investors remain a bit wary, according to Reuters. Jeremy Millar, the founder and managing partner at Ledger Partners in London, estimated 50% to 90% of bitcoin’s total $6.4 billion market is invested in “near institutional” funds held by individuals at hedge funds and family offices. The largest fund to hold bitcoin is the Pantera Bitcoin Fund, a $160 million hedge fund. The currency’s earlier ties to gambling and criminal websites did not endear it to traditional investors. Millar did not....
Are hedge funds ready to go all-in on cryptocurrencies? Probably not, but some of them are definitely dipping their toes in. The thing is, those toes are enormous. In the article “Mainstream Hedge Funds Pour Billions of Dollars Into Crypto,” the Wall Street Journal does a deep dive into the phenomenon. And we get a closer look into who’s doing what and who isn’t there yet. According to Coinbase’s numbers, “institutional investors as a whole traded $1.14 trillion of cryptocurrencies in 2021, up from $120 billion the year before, and more than twice the $535 billion for individual....