Founder of cryptocurrency hedge fund VirgilCapital, accused of fraud

Stefan Qin, founder of cryptocurrency hedge fund Virgil Capital, apologized for the securities fraud Thursday, according to Bloomberg. In an email, a government prosecutor said Stefan Qin was being sued with fraudulent investors accusing him of using an algorithm to take advantage of different rates of change in cryptocurrencies. Lawyers say Stefan Qin stole funds from his cryptocurrency trading platform, Virgil Sigma, and used the VQR Multistrategy Fund LP to reimburse investors in the original funds.