Audit log

Every state-changing event for Stefan Qin: moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions carry three independent witnesses — the original source, an Internet Archive snapshot taken at submission time, and a Solana memo signed by our publicly-disclosed publisher key.

1. #1publishby system:backfill

   2026-05-30 12:57:12Z
   Score: ? → ? (no score change)
   anchoranchored

   chain

   ●mainnet-betaslot 423,160,768

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   4yzoESgqHg5w…Bsxup7pCcopyexplorer ↗

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   8tZFa1c4ayWa…SBhMtzr2copysha256 → base58

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   {"actor":"system:backfill","investigation_id":"97635a13-79bf-4a5d-81e3-fb310fe646cf","kind":"publish","page_slug":"stefan-qin","published_at":"2026-05-30T12:57:12.095Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Stefan Qin","sections":[{"content":"","heading":"Background and Fund Origins","severity":"medium","sources":[{"credibility":1,"name":"Fortune: A crypto kid had a $23,000-a-month condo. Then the feds came","type":"news_article","url":"https://fortune.com/2021/02/14/crypto-fraud-virgil-capital-convicted/"},{"credibility":2,"name":"Information Age (ACS): The Aussie whose crypto fraud landed him in prison","type":"news_article","url":"https://ia.acs.org.au/article/2022/meet-the-aussie-whose-crypto-fraud-landed-him-in-prison.html"},{"credibility":2,"name":"CoinDesk: Crypto Hedge Fund Founder Pleads Guilty to $90M Fraud","type":"news_article","url":"https://www.coindesk.com/policy/2021/02/05/crypto-hedge-fund-founder-pleads-guilty-to-90m-fraud"}]},{"content":"","heading":"The Fraud Scheme","severity":"critical","sources":[{"credibility":1,"name":"DOJ SDNY: Founder of $90 Million Cryptocurrency Hedge Fund Charged with Securities Fraud and Pleads Guilty","type":"regulatory","url":"https://www.justice.gov/usao-sdny/pr/founder-90-million-cryptocurrency-hedge-fund-charged-securities-fraud-and-pleads-guilty"},{"credibility":1,"name":"SEC Press Release 2020-341: SEC Obtains Emergency Asset Freeze, Charges Crypto Fund Manager with Fraud","type":"regulatory","url":"https://www.sec.gov/newsroom/press-releases/2020-341"},{"credibility":1,"name":"SEC Complaint: SEC v. Stefan Qin et al (PDF)","type":"court_filing","url":"https://www.sec.gov/files/litigation/complaints/2020/comp-pr2020-341.pdf"},{"credibility":2,"name":"CoinDesk: Crypto Hedge Fund Founder Stefan Qin Accused of Fraud by SEC","type":"news_article","url":"https://www.coindesk.com/markets/2020/12/24/crypto-hedge-fund-founder-stefan-qin-accused-of-fraud-by-sec"}]},{"content":"","heading":"Attempted Raid of VQR Fund and Collapse","severity":"critical","sources":[{"credibility":1,"name":"SEC Press Release 2020-341: SEC Obtains Emergency Asset Freeze","type":"regulatory","url":"https://www.sec.gov/newsroom/press-releases/2020-341"},{"credibility":2,"name":"Finance Magnates: SEC Freezes Assets of Bogus Crypto Fund Run by Stefan Qin","type":"news_article","url":"https://www.financemagnates.com/cryptocurrency/news/sec-freezes-assets-of-bogus-crypt-fund-run-by-stefan-qin/"},{"credibility":2,"name":"LeapRate: Stefan Qin and Virgil Capital face SEC fraud charges over crypto fund","type":"news_article","url":"https://www.leaprate.com/cryptocurrency/scam/stefan-qin-and-virgil-capital-face-sec-fraud-charges-over-crypto-fund/"}]},{"content":"","heading":"Criminal Charges, Guilty Plea, and Sentencing","severity":"critical","sources":[{"credibility":1,"name":"DOJ SDNY: Founder of $90 Million Cryptocurrency Hedge Fund Sentenced to More Than Seven Years in Prison","type":"regulatory","url":"https://www.justice.gov/usao-sdny/pr/founder-90-million-cryptocurrency-hedge-fund-sentenced-more-seven-years-prison"},{"credibility":1,"name":"Bloomberg: Virgil Capital Founder Admits $100 Million Crypto Fund Fraud","type":"news_article","url":"https://www.bloomberg.com/news/articles/2021-02-04/cryptocurrency-hedge-fund-founder-pleads-guilty-to-fraud"},{"credibility":2,"name":"BanklessTimes: Maximum Sentence For 24-year-old Crypto Fraudster","type":"news_article","url":"https://www.banklesstimes.com/news/2021/09/15/maximum-sentence-for-24-year-old-crypto-fraudster/"},{"credibility":2,"name":"Hedgeweek: Founder of USD90m cryptocurrency hedge fund sentenced to more than seven years","type":"news_article","url":"https://www.hedgeweek.com/founder-usd90m-cryptocurrency-hedge-fund-sentenced-more-seven-years-prison/"}]},{"content":"","heading":"SEC Civil Action and Permanent Bar","severity":"critical","sources":[{"credibility":1,"name":"SEC Litigation Release LR-25342: SEC v. Stefan H. Qin, et al.","type":"regulatory","url":"https://www.sec.gov/enforcement-litigation/litigation-releases/lr-25342"},{"credibility":1,"name":"SEC Administrative Order IA-5974: Stefan Qin (PDF)","type":"regulatory","url":"https://www.sec.gov/files/litigation/admin/2022/ia-5974.pdf"},{"credibility":1,"name":"SEC Litigation Release LR-24997: Qin et al","type":"regulatory","url":"https://www.sec.gov/enforcement-litigation/litigation-releases/lr-24997"}]},{"content":"","heading":"Historical Significance and Context","severity":"high","sources":[{"credibility":2,"name":"Canberra Times: Stefan Qin admits to almost $114 million cryptocurrency fraud, faces 20 years in US prison","type":"news_article","url":"https://www.canberratimes.com.au/story/7135738/how-a-canberran-conned-his-way-to-a-new-york-penthouse-in-114m-fraud/"},{"credibility":2,"name":"CryptoBriefing: Crypto Hedge Fund Fraudster Sentenced to Seven Years in Prison","type":"news_article","url":"https://cryptobriefing.com/crypto-hedge-fund-fraudster-qin-sentenced-to-seven-years-in-prison/"},{"credibility":2,"name":"BeInCrypto: $90 Million Crypto Ponzi Schemester Sentenced to Seven Years","type":"news_article","url":"https://beincrypto.com/90-million-crypto-ponzi-schemester-sentenced-seven-years/"}]}],"sources_used":[{"credibility":1,"name":"DOJ SDNY: Founder of $90 Million Cryptocurrency Hedge Fund Sentenced to More Than Seven Years in Prison","type":"regulatory","url":"https://www.justice.gov/usao-sdny/pr/founder-90-million-cryptocurrency-hedge-fund-sentenced-more-seven-years-prison"},{"credibility":1,"name":"DOJ SDNY: Founder of $90 Million Cryptocurrency Hedge Fund Charged with Securities Fraud and Pleads Guilty","type":"regulatory","url":"https://www.justice.gov/usao-sdny/pr/founder-90-million-cryptocurrency-hedge-fund-charged-securities-fraud-and-pleads-guilty"},{"credibility":1,"name":"SEC Press Release 2020-341: SEC Obtains Emergency Asset Freeze, Charges Crypto Fund Manager with Fraud","type":"regulatory","url":"https://www.sec.gov/newsroom/press-releases/2020-341"},{"credibility":1,"name":"SEC Complaint: SEC v. Stefan Qin et al (PDF)","type":"court_filing","url":"https://www.sec.gov/files/litigation/complaints/2020/comp-pr2020-341.pdf"},{"credibility":1,"name":"SEC Litigation Release LR-25342","type":"regulatory","url":"https://www.sec.gov/enforcement-litigation/litigation-releases/lr-25342"},{"credibility":1,"name":"SEC Litigation Release LR-24997","type":"regulatory","url":"https://www.sec.gov/enforcement-litigation/litigation-releases/lr-24997"},{"credibility":1,"name":"SEC Administrative Order IA-5974 (PDF)","type":"regulatory","url":"https://www.sec.gov/files/litigation/admin/2022/ia-5974.pdf"},{"credibility":1,"name":"Bloomberg: Virgil Capital Founder Admits $100 Million Crypto Fund Fraud","type":"news_article","url":"https://www.bloomberg.com/news/articles/2021-02-04/cryptocurrency-hedge-fund-founder-pleads-guilty-to-fraud"},{"credibility":1,"name":"Fortune: A crypto kid had a $23,000-a-month condo. Then the feds came","type":"news_article","url":"https://fortune.com/2021/02/14/crypto-fraud-virgil-capital-convicted/"},{"credibility":2,"name":"CoinDesk: Crypto Hedge Fund Founder Pleads Guilty to $90M Fraud","type":"news_article","url":"https://www.coindesk.com/policy/2021/02/05/crypto-hedge-fund-founder-pleads-guilty-to-90m-fraud"},{"credibility":2,"name":"CoinDesk: Crypto Hedge Fund Founder Stefan Qin Accused of Fraud by SEC","type":"news_article","url":"https://www.coindesk.com/markets/2020/12/24/crypto-hedge-fund-founder-stefan-qin-accused-of-fraud-by-sec"},{"credibility":2,"name":"Information Age (ACS): The Aussie whose crypto fraud landed him in prison","type":"news_article","url":"https://ia.acs.org.au/article/2022/meet-the-aussie-whose-crypto-fraud-landed-him-in-prison.html"},{"credibility":2,"name":"Canberra Times: Stefan Qin admits to almost $114 million cryptocurrency fraud","type":"news_article","url":"https://www.canberratimes.com.au/story/7135738/how-a-canberran-conned-his-way-to-a-new-york-penthouse-in-114m-fraud/"},{"credibility":2,"name":"Finance Magnates: SEC Freezes Assets of Bogus Crypto Fund Run by Stefan Qin","type":"news_article","url":"https://www.financemagnates.com/cryptocurrency/news/sec-freezes-assets-of-bogus-crypt-fund-run-by-stefan-qin/"},{"credibility":2,"name":"Hedgeweek: Founder of USD90m cryptocurrency hedge fund sentenced to more than seven years","type":"news_article","url":"https://www.hedgeweek.com/founder-usd90m-cryptocurrency-hedge-fund-sentenced-more-seven-years-prison/"},{"credibility":2,"name":"CryptoBriefing: Crypto Hedge Fund Fraudster Sentenced to Seven Years in Prison","type":"news_article","url":"https://cryptobriefing.com/crypto-hedge-fund-fraudster-qin-sentenced-to-seven-years-in-prison/"}],"summary":"Stefan He Qin is an Australian national who founded and operated two cryptocurrency hedge funds — Virgil Sigma Fund LP and VQR Multistrategy Fund LP — between 2016 and 2020, fraudulently raising approximately $90 million from over 100 investors by fabricating returns and misrepresenting fund strategy. He siphoned investor assets for personal use, attempted to raid a second fund to cover losses, and was arrested after SEC intervention in December 2020. Qin pleaded guilty to federal securities fraud in February 2021 and was sentenced to 90 months in prison in September 2021, making his case one of the largest individual crypto fraud prosecutions prior to the FTX collapse.","timeline":[{"date":"2016-01-01","event":"Stefan Qin, approximately age 19, drops out of university and founds Virgil Capital in New York after an internship at a Chinese cryptocurrency firm.","source":"Fortune / Information Age","source_url":"https://fortune.com/2021/02/14/crypto-fraud-virgil-capital-convicted/"},{"date":"2017-01-01","event":"Virgil Sigma Fund LP begins raising investor capital. Qin later claims the fund returned 500% during 2017, though prosecutors allege no legitimate arbitrage strategy was ever deployed.","source":"DOJ SDNY / CoinDesk","source_url":"https://www.coindesk.com/policy/2021/02/05/crypto-hedge-fund-founder-pleads-guilty-to-90m-fraud"},{"date":"2018-02-01","event":"Wall Street Journal publishes a profile of Qin as a cryptocurrency prodigy, significantly increasing investor interest and inflows to Virgil Sigma.","source":"Fortune","source_url":"https://fortune.com/2021/02/14/crypto-fraud-virgil-capital-convicted/"},{"date":"2019-09-01","event":"Qin signs a lease for a $23,000-per-month penthouse apartment at 50 West in Manhattan, funded by misappropriated investor capital.","source":"Fortune","source_url":"https://fortune.com/2021/02/14/crypto-fraud-virgil-capital-convicted/"},{"date":"2019-01-01","event":"Qin fabricates trading records and alters spreadsheets purporting to show positions across approximately 39 cryptocurrency exchanges.","source":"SEC Complaint","source_url":"https://www.sec.gov/files/litigation/complaints/2020/comp-pr2020-341.pdf"},{"date":"2020-05-01","event":"Sigma Fund records reflect approximately 110 investors with balances ranging from $100,000 to $16 million. Mid-2020 redemption requests begin being blocked.","source":"SEC Complaint","source_url":"https://www.sec.gov/files/litigation/complaints/2020/comp-pr2020-341.pdf"},{"date":"2020-12-01","event":"Qin approaches VQR employees seeking to withdraw $1.7 million in investor assets to repay alleged Chinese lenders; employees refuse and report the approach to authorities.","source":"SEC Press Release 2020-341","source_url":"https://www.sec.gov/newsroom/press-releases/2020-341"},{"date":"2020-12-22","event":"SEC files civil complaint in SDNY against Qin and five affiliated entities; court grants emergency asset freeze over approximately $25 million in digital assets.","source":"SEC Press Release 2020-341","source_url":"https://www.sec.gov/newsroom/press-releases/2020-341"},{"date":"2021-02-04","event":"Qin pleads guilty to one count of securities fraud before U.S. District Judge Valerie E. Caproni in the Southern District of New York.","source":"DOJ SDNY","source_url":"https://www.justice.gov/usao-sdny/pr/founder-90-million-cryptocurrency-hedge-fund-charged-securities-fraud-and-pleads-guilty"},{"date":"2021-09-15","event":"Judge Caproni sentences Qin to 90 months (7.5 years) in federal prison, three years of supervised release, and orders forfeiture of $54,793,532.","source":"DOJ SDNY","source_url":"https://www.justice.gov/usao-sdny/pr/founder-90-million-cryptocurrency-hedge-fund-sentenced-more-seven-years-prison"},{"date":"2022-03-02","event":"Final civil judgment entered against Qin: permanently enjoined from securities fraud violations; ordered to pay $36,352,028 in disgorgement plus $3,494,791 in prejudgment interest.","source":"SEC Litigation Release LR-25342","source_url":"https://www.sec.gov/enforcement-litigation/litigation-releases/lr-25342"},{"date":"2022-03-04","event":"SEC issues administrative order permanently barring Qin from association with any broker, dealer, investment adviser, or related financial entity under Section 203(f) of the Investment Advisers Act.","source":"SEC Administrative Order IA-5974","source_url":"https://www.sec.gov/files/litigation/admin/2022/ia-5974.pdf"}]},"v":1}

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