New York-based cryptocurrency hedge fund manager Stefan He Qin was sentenced to seven and a half years in prison for fraud on Sept. 15. U.S. District Judge Valerie E. Caproni also ordered the confiscation of $54,793,532. The 24-year-old Qin was accused of misreporting the proceeds of the $90 million fund he managed and embezzled investor funds to pay for his extravagant living expenses. Qin, a Chinese Australian national and a self-proclaimed math prodigy, pleaded guilty to the securities fraud charge. At the age of 19, he founded two cryptocurrency investment funds Virgil Sigma and VQR in New York City. The two funds claimed a total investment of $100 million, with many investors being from the United States. At the age of 20, he appeared on Chinese state network CCTV because of his “success”. U.S. attorney for the Southern District of New York, Audrey Strauss, said Qin’s investors soon discovered that his …