New technology not immune to Ponzi schemes

Australian citizen Stefan Qui, aged just 24, has pleaded guilty in the USA to cheating 100 investors out of USD$90M invested into his hedge fund,?Virgil Capital.

Since 2017, Qui the self-proclaimed math prodigy had claimed to have devised an algorithm that monitored the digital currency market to take advantage of price fluctuations.

Just over a year into the advent of Virgil Capital, Quin was already boasting the fund was generating 500% returns in 2017 while at the same time Qui was busily spending USD$90M of investors monies on flash apartments etc.

Investors began to make complaints about missing assets and incomplete transfers. To satisfy investor redemption demands Qin turned his attention to another fund he controlled, the VQR fund. The Securities and Exchange Commission were alerted and filed lawsuits against Quin for fraud.

Even in the new digital asset industry people still pile into Ponzi schemes.?