Australian youth scammed more than 100 people in cryptocurrencies of 660 crores!

A US court has sentenced 24-year-old Australian man Stephen Keen to seven and a half years in prison for being the mastermind of the hedge fund scam and defrauding more than a hundred people to the tune of around $90 million (about Rs 660 crore). In 2017, Qin started a hedge fund called Virgil Sigma Fund LP in New York City where investors could invest money to buy cryptocurrencies of their choice. Qin told a US court that he developed a special trading algorithm called “Tenjin” that facilitated the purchase of cryptocurrency on one exchange, taking advantage of price differences on other exchanges and selling it at a higher price to make a profit. could.

In 2017, his hedge fund Virgil gave an annual return of 500 percent, after which the Wall Street Journal wrote a profile on Kin in 2018. Bloomberg’s Report According to reports, in order to make his scam a success, Qin bluffed investors into a safe investment space. He told them that their investments would not be threatened by the fluctuating prices of cryptocurrencies. Then he used that money of investors for his own benefit.

Qin allegedly used the investors’ money for his day-to-day expenses and also invested in properties like real estate with the same money. as promised to the investors cryptocurrency had nothing to do with it. of the US Department of Justice According Qin regularly lied to his investors about the value, location and status of their investment money using false account statements and forged tax documents, which he prepared and distributed among his investors.

By the end of 2020, Qin’s investors began to doubt his intentions and began to ask for their investments back. The US Securities and Exchange Commission then reportedly froze the crypto assets of his fund, leading Qin to surrender earlier this year and then be arrested.

Several investors who lost their money in this scam had approached the court claiming that they had lost their life savings in the fraud committed by Kin. The 24-year-old Qin, embarrassed by the deceit he had been duped, revealed that he had entered the crypto-space during his college days with the intention of making quick and easy money.

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