Stefan Qin
Australian founder of the Virgil Sigma and VQR crypto hedge funds. He pleaded guilty to securities fraud after draining a fund that claimed ~$90M, and was sentenced in 2021 to 7.5 years in prison and $54.8M forfeiture.
Also known as: Stefan He Qin
Bio
Stefan He Qin, an Australian national, founded and operated the Virgil Sigma Fund (2017) and the VQR Multistrategy Fund (2020), marketed as crypto "arbitrage" strategies. The SEC and SDNY said he stole investor capital for personal use and lied about the funds' value and performance. [1][2]
Legal outcome
Qin pleaded guilty to securities fraud in February 2021 and was sentenced in September 2021 to 90 months (7.5 years) in prison, three years of supervised release, and $54,793,532 in forfeiture. [1][2]
Bracketed numbers refer to the numbered sources listed below.
Linked scams & cases
Sources (2)
See also
- Bitcoin Latinum (LTNM)TokensA ~$16M token offering (SAFTs for 'Bitcoin Latinum' / LTNM) that the SEC charged in 2026 as fraud: founder Donald Basile falsely called LTNM 'the world's first insured digital asset' backed by an 'existing trust,' neither of which existed, and diverted investor funds for personal use (including a $160,000 horse).
- Loci (LOCIcoin)TokensA 2017–2018 ICO for 'LOCIcoin' tied to the InnVenn IP-search platform. The SEC charged Loci and CEO John Wise with fraud for raising $7.6M on false claims about revenue, headcount, and user base; Wise also misused investor funds. Settled with a $7.6M penalty and an officer/director bar.
- Blockchain Terminal (BCT)Tokens
This page was last updated on Jun 8, 2026. View revision history.