Crypto fraudster stole £65m and spent it on sugar babies after ex cheated

A crypto fraudster who stole £65million from investors has admitted to blowing most of it on hiring 'sugar babies'.

Stefan Qin has also blamed the root of his downfall on a cheating ex he lost his virginity to.

Qin, now 24, went from being a bullied Aussie schoolboy and university drop out to a cryptocurrency bigwig in just a couple of years.

In 2016 he set up a company, Virgil Sigma Fund, to take advantage of fluctuations in the cryptocurrency market and investment soon flooded in.

Within months the company had more than £50million in its accounts but after a business bust up saw his partners leave the firm, Qin did little with the cash except spend it.

His addiction to spending millions on the high life and sugar babies – women who enter relationships with men just for their cash – soon got out of control.

In a YouTube interview about his case, he said: "I lost my virginity in 2017 and I was madly in love with this girl. She then cheated on me with some guy who was richer than I was.

“I wasn't rich enough for her and if you are then 21 years old and you’re the only one with access to all these bank accounts, that’s a recipe for disaster and that’s essentially what happened.”

Before long Qin had rented an £18,000 a month three bedroom New York apartment just so he could have three 'sugar babies' living there at the same time.

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He also spent hundreds of thousands of dollars on collecting Magic: The Gathering cards, as well as splashing the cash on cars and other expensive things.

Qin said his downfall began when he stopped working altogether and started playing video games all day, leading his employees to wonder what was going on.

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Eventually they called in the authorities who discovered he had been shifting money around different accounts to hide his spending sprees and company losses.

Qin admitted when he was told the game was up he was in Korea with a 'sugar baby' and he asked her to stay with him just one more night.

She said she would, if he paid her to. Qin said he realised it “wasn’t a real relationship” and gave himself up to cops.

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He said at the time he had 200 bitcoins in a wallet worth around £4million and could have fled, got plastic surgery and lived off the radar, but said he realised he would just have blown that cash too.

Qin has now been found guilty of fraud and sentenced to seven and a half years in prison in the USA.

He said he had been learning boxing to help keep himself safe behind bars.

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