Australia-Chinese geniuses set up cryptocurrency scams and squandered tens of millions of dollars | Australia Chinatown

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秦(Stefan Qin)声称自己掌握加密货币交易的秘密时,只有19岁。据彭博的报道,秦自称是来自澳。。。
            <img border="0" src="https://cdn.china.com.au/wp-content/uploads/2021/02/15110710/20210215000709-6029bb2daaac8.jpg" style="margin-left:auto;margin-right:auto"/><br />

秦(Stefan Qin)声称自己掌握加密货币交易的秘密时,只有19岁。

据彭博的报道,秦自称是来自澳大利亚的数学神童,年轻自信的他,2016年从大学辍学,在纽约创办了一家名为维吉尔资本(Virgil
Capital)的对冲基金。他告诉潜在客户,他开发了一种名为Tenjin的算法,用于监控世界各地的加密货币交易所,以抓住价格波动的机会。

澳大利亚当地媒体称其为华裔。从他的linkedin上看,他自称熟练掌握汉语,早年实习经验也多是在中国公司。

More than a year after the fund was established, he boasted that the fund's return rate was 500%. This statement triggered a new funding frenzy among investors.

现金变得如此充裕,秦在2019年9月在50
West租下了一套月租2.3万美元的公寓,这是一栋位于金融区的64层豪华公寓楼,可以看到曼哈顿下城的广阔景色,以及游泳池、桑拿房、蒸汽房、热水浴缸和高尔夫模拟器。

Federal prosecutors stated that, in fact, everything Qin said was a lie. In essence, it was a Ponzi scheme. About 100 million US dollars were stolen from more than 9000 investors, all of which were used to pay for Qin’s extravagant lifestyle, and Personal investment in high-risk bets such as initial coin offerings.

在面对客户的资金需求时,他曾将自己的麻烦归咎于,“糟糕的现金流管理”和“中国的高利贷者”。上周,现年24岁的秦在曼哈顿联邦法院对一项证券欺诈指控认罪,并表示忏悔。

"I know what I did was wrong and illegal," he told the U.S. district judge.Caproni may sentence him to more than 15 years in prison. "I deeply regret my actions and will use the rest of my life to make up for it. My selfish actions have caused harm to investors who trusted me, my employees and my family. I apologize for that."

The case echoes similar cryptocurrency scams such as BitConnect, which promised people a double-digit and triple-digit return, but cost investors billions of dollars.Such a Ponzi scheme shows that investors eager to make money in the hot market can easily be led astray by promises of huge returns.

Due to fraud, the Canadian exchange QuadrigaCX collapsed in 2019, causing at least $7.6 million in losses to 1.25 investors.

Although the regulation of the cryptocurrency industry is tightening, the industry is full of inexperienced participants.There are about 800 crypto funds around the world, many of which are run by people who know nothing about Wall Street or finance, including some college students and recent graduates who founded the fund a few years ago.

秦的神话故事也是从大学开始的。他在去年12月发表的一篇个人简介中告诉DigFin网站,他曾是一个数学天才,计划成为一名物理学家,就在监管机构对他进行调查的前一周。他在自己的领英主页上,称自己是一个“对区块链技术有着深厚兴趣和理解的定量分析师”。

2016年,他被悉尼新南威尔士大学(University of New South
Wales)一个面向高潜力企业家的项目录取,该项目提议使用区块链技术来加速外汇交易。据密涅瓦商学院证实,从2016年8月到2017年12月,他还进入了位于旧金山的密涅瓦商学院,这是一所主要在线学习的学院。

He told DigFin that he discovered a cryptocurrency trading vulnerability after an internship at a Chinese company.His task is to establish a platform between China and the United States to allow the company to realize arbitrage on cryptocurrencies.

Qin Gang was convinced that he stumbled upon a promising business, so he moved to New York to start Virgil Capital.He told investors that his strategy will be to use the trend of cryptocurrency trading at different prices in different exchanges.He will remain "market neutral", which means that the company's funds will not be affected by price fluctuations.

He told DigFin that unlike other hedge funds, Virgil does not charge management fees and only charges fees based on the company's performance.Qin said, "We never try to make easy money."

According to his description, Virgil got off to a smooth start. In 2017, he obtained a 500% return, attracting more investors eager to participate.According to legal documents, one of his marketing manuals claims a monthly return rate of 10%, that is, the three-year return rate as of August 2019 was 8%.

The Wall Street Journal introduced him in an article in February 2018, boasting about his skills in cryptocurrency arbitrage, after which his fund began to accelerate.Prosecutors stated that Virgil "has achieved substantial growth with the influx of new investors."

第一个麻烦出现在去年夏天。基金的前投资者关系主管梅丽莎•福克斯•墨菲在一份法庭声明中表示,一些投资者对资产丢失和不完整的转移“越来越不满”,开始投诉了。

"It's mid-December, and my million dollars are gone," one investor wrote, not revealing his name in court documents. "The way you treat yourself as one of the earliest and largest investors is disgraceful."

检察官说,大约在同一时间,投了350万美元资金的九名投资者,要求该公司旗舰基金Virgil Sigma Fund
LP赎回。但是没有钱。秦已经耗尽了Sigma基金的资产,基金的余额是伪造的。

The prosecutor said that Qin did not trade on 39 exchanges around the world as he claimed, but instead used investors’ funds for personal expenses and invested in other undisclosed high-risk investments, including initial coin offerings ( ICO).

于是秦试图拖延。他努力说服投资者,将他们的权益转移到他的VQR多策略基金(VQR Multistrategy
Fund),这是他在2020年2月创立的另一只加密货币基金,使用了多种交易策略,仍然拥有资产。

他还试图从VQR基金中提取170万美元,但这引起了首席交易员安东尼奥·哈拉克(Antonio
Hallak)的怀疑。根据美国证券交易委员会提交的一份诉讼文件,哈拉克在12月录下的电话记录显示,秦说他需要这笔钱来偿还“中国的高利贷者”,他是从那些人手里借钱创业的。

Qin said that loan sharks "may do everything possible to recover their debts," and his "liquidity problems" prevent him from repaying loan sharks.

"To be honest with you, my cash flow management is terrible," Qin told Harak. "I have no money now, man. It's very sad."

When the trader refused Qin's withdrawal request, Qin tried to take over VQR's account.But the Securities and Exchange Commission has stepped in, allowing the cryptocurrency exchange to freeze the remaining assets of VQR and file a lawsuit a week later.

In the end, Qin drew out almost all of the 9000 million dollars from the Sigma Fund.A spokesperson for the Manhattan federal prosecutor said that the administrator appointed by the court to oversee the fund is seeking to recover assets for investors.He said that approximately $2,400 million of assets in the VQR fund have been frozen and should be refundable.

The prosecutor said that Qin Gang agreed to fly back to the United States after learning the results of the investigation in South Korea, surrendered to the authorities on February 2, pleaded guilty before a judge, and was released after paying $4 in bail, pending sentencing on May 5.Although the maximum statutory penalty is 5 years in prison, the prosecutor agreed in the plea agreement that according to the federal sentencing guidelines, he should be sentenced to 20 to 20 months in prison and a fine of up to 151 US dollars.

This fate is far from the career prospects his parents envisioned for him-he told DigFin that he would become a physicist.

"When I told them I left university to do this crypto thing, they were not happy. Who knows, maybe one day I will complete my degree. But what I really want to do is trade cryptocurrency."

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