Cryptocurrency hedge fund founder admits to massive fraud

Hedge fund founder, who claimed to use an algorithm to buy cryptocurrency, pleads guilty to massive fraud. — AFP

A 24-year-old founder of two New York-based cryptocurrency hedge funds with more than US$100mil (RM407.45mil) in investments pleaded guilty Thursday to securities fraud.

Stefan He Qin was charged with duping investors by claiming he used a trading algorithm to take advantage of price differences for a number of cryptocurrencies, federal prosecutors said in an emailed statement.