Crypto Pirates

Fereshteh Forough believed that when the Taliban took over Afghanistan in August of last year, they would close her school in Herat, the country's third-largest city. Forough formed the NGO Code to Inspire to teach computer programming to young Afghan women, because the Taliban opposes secondary education for women.

Months later, the picture is far different — and considerably worse — than what Forough had envisioned. The school survived, primarily virtual, but has evolved from a coding boot camp into a relief organisation. Hunger was the greatest threat to Forough's students, not a lack of education. Forough attempted to find a method to send emergency funds to the women but was thwarted by banks unwilling to risk breaking severe U.S. sanctions.

JPMorgan Chase consistently denied her attempts to transfer money, she said, and she became increasingly concerned when students complained about being unable to withdraw cash from local Afghan banks, many of which had closed or imposed stringent withdrawal limits. As a result, she turned to cryptocurrencies to deliver monthly emergency payments to students in order to assist them purchase enough food to survive.

"Since September, we've been sending cash support, approximately $200 per month, to each family, because the majority of our students' families have lost their jobs." "They are the family's primary breadwinner," explained Forough, whose family escaped Afghanistan during the Soviet occupation in the early 1980s and now resides in New Hampshire. Code to Inspire pays its recipients in BUSD, a stablecoin whose value is linked to the US dollar, which the women then convert to afghanis, the local currency, using money exchanges. "We built a safe way for our girls to cash out their cryptocurrency and pay for bills, so they can pay for medical fees, food, and anything else that is required."

There are various benefits of utilising cryptocurrency: Afghans escaping the Taliban are free to take their assets with them. Humanitarian organisations trying to circumvent the Taliban can donate funds directly to those in need, bypassing banks. Smugglers and intermediaries who steal or try to resell aid packages can be avoided if aid is delivered directly via digital transaction.

"I am still in disbelief that I could get money without fear of it being confiscated in such a clear manner," T.N., a 21-year-old graphic design student in Herat enrolled in Code to Inspire, told Editorials 24. "Creating a BUSD wallet was really simple, and it was a great experience knowing how quickly and privately money can be received even in Afghanistan."

While Code to Inspire is especially tech-savvy in comparison to most Afghan NGOs, Forough isn't alone in believing that blockchain-based solutions could help Afghans in need during an unparalleled economic crisis.

Several other non-governmental organisations and humanitarian organisations are considering the use of cryptocurrency as an alternative to failed banks that are still hampered by sanctions and hawala networks of informal money traders that many fear are linked to the drug trade or controlled by the Taliban.

One American attorney assisting foreign organisations in Afghanistan stated that his clients are getting closer to experimenting with cryptocurrency payments, albeit he was not at liberty to identify the NGOs and requested anonymity to protect their identities. Others are taking a more conspicuous role in using the power of cryptocurrency to provide relief.

"You can trade back and forth, send it overseas or receive it overseas, without ever having to deal with banks or the Afghan government or Taliban."

Sanzar Kakar, a Seattle-raised Afghan American who has worked on commercial initiatives in Afghanistan, including a local ride-hailing company similar to Uber, developed an app. "We're attempting to solve the problem of 22.8 million Afghans marching towards starvation, including 1 million children this winter who may die of starvation," Kakar added. HesabPay, which debuted in 2019, enables Afghans to send money using cryptocurrency.

"We can't obtain money from banks, but 88 percent of Afghan families have at least one smartphone," said Kakar, who intends to facilitate afghani money transactions alongside USDC, another stablecoin. He is in the process of establishing money-exchange kiosks where Afghans can receive QR codes or trade cryptocurrency for conventional currency.

"You can trade back and forth, send it overseas or get it overseas, without ever touching banks or the Afghan government or Taliban," Kakar explained. "Everything is on the blockchain network."

A cash problem is at the heart of Afghanistan's escalating disaster. Following the withdrawal of US forces in August of last year, the country became isolated overnight. The United States seized assets from the Afghan national bank and prohibited the transfer of US cash. Afghani ended exports were printed by companies in Poland and France. Almost immediately, the SWIFT system, which underlies international banking transactions, ceased operations in Afghanistan. Commercial banks were unable to lend money, while retail clients were unable to withdraw funds from banks.

The international community's departure, fearful that any transaction within Afghanistan would violate Taliban restrictions, brought the economy to a standstill. Before the US left, over four-fifths of the Afghan budget was foreign-funded.

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Enjin Coin (ENJ), a top crypto option for investors looking at the metaverse right now, is an intriguing coin to consider.

The hunt for the best cryptocurrency to start the year is on. Indeed, there are several tokens to pick from in the realm of cryptocurrency. Many have different catalysts, but the ones that deal with the metaverse are likely the most intriguing right now.

You know, the virtual world to which we'll all migrate, as in Ready Player One? According to reports, blockchain gaming businesses were able to raise $476 million to fund expansion. That's a lot of growth capital, indicating that institutional money believes this is a sector worth investing in.

Enjin Coin (ENJ is one of the metaverse-related coins that has attracted my curiosity. Let's take a closer look at why this coin should be on the radar of investors right now.

This top cryptocurrency is experiencing huge investment

Enjin Coin has been able to attract significant investor interest in its platform, making it one of the top crypto ventures in terms of raising funds. Enjin has announced the launch of the Efinity Metaverse Fund, a $100 million fund. This fund is intended to finance metaverse projects on Efinity, an Enjin-built blockchain that functions as a Polkadot parachain.

Enjin intends to use this investment to expand its developer base. Many investors would benefit from more initiatives focusing on digital collectibles, cross-chain NFT assets, virtual metaverse events, and multi-chain infrastructure and gaming.

Indeed, Enjin Coin has proven to be an appealing investment for individuals wishing to invest millions of dollars in the metaverse. Enjin is a high-growth, higher-risk alternative, making it an excellent pick for people with a higher risk tolerance. However, like with all cryptocurrencies, there is a high risk premium with Enjin, which should be acknowledged in the current risk-off market across most risk assets.

In conclusion

Enjin Coin is unquestionably a fascinating blockchain and cryptocurrency option for investors to explore. Enjin effectively serves as the "plumbing" enabling crypto metaverse ventures to get started. Enjin, on the other hand, allows developers to incorporate in-game NFTs and tokens, which is a crucial factor that many people see as a reason to acquire the ENJ token.

As previously stated, my assessment of Enjin is that it is unquestionably a speculative token. As a result, investors should exercise caution with this coin right now. The market is taking a breather and may be on the cusp of a complete re-rating of many stocks' risk. As a result, Enjin Coin is an investment that should be made with caution and suitable risk controls in place.

Enjin, on the other hand, has a lot to offer investors willing to put some risk capital to work. This is a top cryptocurrency that I believe will do well this year, if the bull market continues to march forwards.

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As cryptocurrencies gain popularity in the Philippines, a Filipino bank is establishing a digital asset custodian desk.

The Union Bank of the Philippines intends to launch a cryptocurrency custody service as the asset class grows in popularity among the local populace.

Every Customer Has a Strategy

According to Bloomberg, Cathy Casas, the bank's head of blockchain and applications coordination, recently detailed the institution's objectives. The top executive emphasised that it is a necessary technique used to safeguard the organisation's future.

This decision was made in light of the fact that 1% to 2% of all Filipinos own crypto assets. Because of the growing interest in the asset class, it is projected that up to 5% of the population will invest in cryptocurrencies over the next five years.

Casas noted that the majority of crypto adopters are younger generations who own tokens and make money through play-to-earn gaming platforms.

According to Binance, the largest cryptocurrency exchange, there are more Filipinos who own cryptocurrency assets than the global average. According to the exchange, one out of every five Filipinos has experimented with cryptocurrency assets.

Union Bank of Philippines' planned business will consist of tokenised bonds issued to its consumers.

"We are making steps to educate our clientele, including through social media, to ensure their safety," Casas added.

Given that it is the first bank in the country to launch its own stablecoin, PHX, in 2019, the organisation anticipates a smooth delivery. According to the bank, the PHX is assisting in reaching the unbanked in remote and difficult-to-reach sections of the country.

Regulatory Issues

As public awareness of cryptocurrencies expands, regulators will face new challenges in limiting marketing to retail consumers while also warning of the hazards connected with the assets.

Benjamin Diokno, governor of the Central Bank of the Philippines, has cautioned that digital assets could "pose a risk to the financial system." He went on to say that investing in them is risky because it opens the door to additional illegal activities that harm the economy.

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The whole cryptocurrency market is still in the red on Sunday, with the world's largest cryptocurrency Bitcoin (BTC) selling at $35,715.09, down 17.15 percent in the last seven days.

BTC fell below the critical psychological milestone of $40,000 on Friday. The bloodbath continued on Saturday, with the top cryptocurrency dropping to a low of $34,349.25 before ending just over the $35,000 mark.

Meanwhile, Ethereum (ETH) is trading at $2,493.99, down 25.02 percent in the last seven days. On Friday, the second-largest cryptocurrency slipped below the crucial $3,000 mark.

Almost all of the world's top 100 tokens are currently trading in the red, with the overall cryptocurrency market valuation standing at $1.6 trillion.

Binance Coin (BNB) has dropped more than 23% in the last seven days, while Cardano has dropped more than 20%.

On Sunday, Dogecoin (DOGE) was trading at $0.1386, down more than 22% from the previous day, while Solana (SOL) and Polkadot (DOT) were down more than 30%.

In the midst of the crypto market's turbulence, Dogecoin co-creator Billy Markus reminds his Twitter followers that "crashes happen in Crypto."

When the last bubble broke, Ethereum fell 90 percent from its peak.

It took three years to recover in total.

I'm not claiming either will happen, but it's worth considering. Crashing happens in the crypto world. a lot.

Markus went on to say that present market conditions merely reflect the underlying sentiment of individuals active in cryptocurrency, expressing his disgust with the community.

Remember that the purchase and selling of cryptocurrencies collectively determines the trade value of crypto.

People have collectively determined that it is less than what they thought last year.

Regardless, I despise people.

In response to his tweet, one follower responded, "The difference is now." It won't take three years to recover; given today's exposure, it could happen in three months. Even 3 weeks with the correct assistance."

"I'm ready to buy it all up too!" said another fan. "This is the discount I was looking for."

Markus also remarked on the market's performance last year, remarking how far things have dropped in 2022.

I didn't believe I'd miss 2021.

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For the past few days, the cryptocurrency market has been slowly dropping. Nonetheless, certain cryptocurrencies performed exceptionally well. At the time of press, the price of Bitcoin is $35,889.87. Let's go over it in more depth.

Bitcoin has reached a new low in the previous several hours, indicating a Bitcoin crash. The biggest cryptocurrency has continued to fall and is now worth $35,889.87. Many people predicted a Bitcoin price of $100,000 in November. The challenge is how to profit from this bear market in the best way possible.

Bitcoin Price Drop: BTC has dropped below $36,000.

Bitcoin's price has fallen below $36,000 at times before settling just above that mark. The crash saw a temporary "fakeout" in which the price surged beyond $43,000 but rapidly fell back to $41,000.

Following that, the support of $41,000 was breached, and the BTC price fell below $40,000 for the first time in months. As a result, the price temporarily fell below $36,000, marking the lowest Bitcoin price since late July, when the massive spring slump began.

Bitcoin Crash: How to Make Money in a Bear Market

Crypto fans detest bear markets because they provide more erratic opportunities to make money. During bull runs, many different startups and enterprises are searching for people from all walks of life. Things are different and more challenging during bear markets. People start seeing everything as unjustified, and projects that were formerly flush with funds begin to worry about resources.

The Crypto world is full of ingenuity and awe. Bear markets are reliable in this world since they finish the bull market's bad investments. During a bull market, too many projects spend too much money based on overly speculative assumptions. The stack of bad investments has been absurd, and many of these ventures will fail. This is a fantastic specialisation because the rules from those projects can be applied to more useful measures. Market changes result in more profitable enterprises and organisations.

Bear markets are good because they show what is truly important. Only the somewhat serviceable survive in the stress-traveled box of a bear market. Investors can learn what is genuinely important to individuals because bear markets are when people make decisions about what they require. They don't just buy any coin any longer. They begin to delve into what they sense. They begin to make more informed and precise selections. So, here are three ways for profiting in a bad market.

Analyze smaller coins: The market has a large number of new or recent cryptocurrencies, however there are surely successful initiatives in the industry. You can probably make money if you spend some time researching new tokens and investing in them when they become available.

Buy and Hold: Buy-and-hold trading is likely the most common trading strategy among the global investment community. This is due to the fact that it is the simplest and least complicated technique. It is also rarely mentioned as a long-term plan because it necessitates the purchase and retention of assets.

Active trading: Active trading is a technique that necessitates more in-depth market analysis and necessitates significantly more time, understanding, and agility than buy-and-hold. There are numerous distinguishable patterns of active trading in the field of traditional trade. Nonetheless, we are dealing with cryptocurrencies, which are a completely unpredictable market, therefore applying specific trading tactics may be successful at times.

Conclusion

A bear market is simply the end of a period in which crypto market rates are falling. As easy as that. A bear market is an interlude during which most people overreact and flee for their life like the cunning wolf. A reduction in people's trust reveals a market's instability. However, bear markets are not conducive to overreactions. In truth, there is a great deal of opportunity in such areas.

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According to a recent analysis by crypto exchange and trading platform Crypto.com, analysts expect that the number of crypto owners will reach one million.

Crypto.com, a Singapore-based online crypto trading platform, has released its research on the global usage of cryptocurrency. According to the estimate, the number of cryptocurrency owners and users will have climbed by nearly 178 percent by 2021. With this, there are around 300 million crypto users globally.

According to the report, the number of cryptocurrency users will surpass one billion this year. For the sake of knowledge and statistics, cryptocurrency exchanges have kept track of users across many platforms on a frequent basis. Because of in-house study, the comparison can be deemed to be reliable and trustworthy.

The year 2021 has showed tremendous performance in terms of cryptocurrency acceptance, particularly in the first half. It was the time when industry titans like Tesla and Mastercard announced their forays into cryptocurrency.

Tesla, the electric car manufacturer, has announced that it will accept cryptocurrency as payment, however only for item purchases for the time being. Visa, a well-known payment network, has entered into an agreement with crypto startup Crypto.com to handle its crypto payments.

Apart from that, El Salvador, a Latin American country, became the first to accept Bitcoin as legal cash. It has planned an entire Bitcoin city in order to increase cryptocurrency usage and investment in the country.

Bitcoin has captivated ordinary individuals who have heard about it, read about it, been persuaded, and become crypto users. When it crossed its all-time highs and set a new one, it drew a lot of attention, which was followed by other cryptocurrencies like Ethereum and indicated crypto popularity.

However, because there is so much competition, Bitcoin has seen more adoption than Ethereum, but the digital gold currency has a legacy to uphold.

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The Vice-Chair of the European Securities and Markets Authority, Erik Thedéen, recently proposed a ban on proof-of-work mining in the EU. He stated, citing its influence on Sweden,

"It would be ironic if the wind power generated along Sweden's extensive coastline was used to mine Bitcoin."

Regulators assess the impact of mining.

Previously, Norwegian officials expressed similar concerns about crypto-mining that uses a large proportion of renewable energy.

While more miners are switching to renewable energy, it is obvious that they are still failing to address energy challenges in many parts of the world. Several countries, including Russia, Kazakhstan, and Kosovo, suffered energy-related upheaval in 2021 and early 2022. At the same time, electricity consumption for crypto-mining was increasing. So much so that Russia is apparently considering a mining ban as well.

Last year, China made a similar legislative move to ban Bitcoin mining, displacing nearly 70% of the world's miners.

According to CBECI estimates, Russia's move will affect more than 11% of the worldwide hashrate.

Gavin Qu, VP of Operations of crypto-mining business PrimeBlock, stated AMBCrypto in this context,

"There has been a significant decline in the network hashrate as a result of power grid strain, internet failures, and bitcoin mining bans."

He went on to say that Kazakhstan formerly controlled an estimated 18% of the overall Bitcoin hashrate. According to Qu, this is the cause of the January decline. He stated,

"And, if we compute the decline from 207EH to 168 EH in early January, we get an 18% fall, which accounts for the outages in Kazakhstan."

While the executive anticipates future swings in Bitcoin's hashrate, he also anticipates a speedy rebound.

The effect on its price

What is significant in this case is the effect of these hashrate swings on Bitcoin's price. Intel recently revealed that their Bitcoin mining chip will be unveiled at a conference in February 2022. According to Marcus Sotiriou, an analyst at UK-based digital asset broker GlobalBlock, the prospect of an effective BTC mining infrastructure may enhance the token's valuation. He stated,

"Intel's system intends to lower overall power consumption by about 15%." Because environmental friendliness is one of their top concerns, this rise in energy efficiency will encourage more institutional investors to enter the area."

This is essentially a positive indicator for the BTC hashrate and, as a result, its price. However, if Bitcoin's price falls to a new low, Qu believes that small miners may struggle to exist since they will be unable to compete with major mining businesses.

At the time of publication, BTC was still hunting for fresh levels to name its bottom, with the cryptocurrency trading just around $36,000, down nearly 50% from its November peak.

What will the size of the mining industry be in 2022?

Qu estimates that the worldwide Bitcoin mining sector is valued more over $14 billion at current market rates. He continued,

"Gross margins for big scale mining businesses are between 75 and 85 percent."

This means that the sector remains profitable for large players. It's worth noting that the executive stated that the nett profitability of mining operations is determined by various factors, including the cost of capital, the depreciation of capital equipment, the cost of power, and miner efficiency. He went on to say,

"As with other emerging industries, horizontal – and vertical – consolidation is probable in the face of constant competition between small and larger miners..."

Indeed, a North American mining company official stated that their "goal is to focus on sites with a surplus of electricity and advantageous space, cost, and regulatory conditions."

That's an intriguing point of view, especially given what Argo CEO Peter Wall said about mining profitability not long ago.

"BTC Mining It will most likely be less profitable in 2022 than it was in 2021."

Surprisingly, crypto-mining has taken centre stage in American politics. Senator Elizabeth Warren, for example, recently challenged cryptocurrency miners to acknowledge the impact on the environment.

Brian Brooks, the Chief Executive Officer of BitFury, testified before a Congressional committee in defence, saying,

"As a result, it is critical that Bitcoin not be judged only on how much energy it consumes, but rather on its energy mix relative to other energy users in the economy and on the incentives bitcoin generates for building a more sustainable energy mix."

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According to the most recent research, Metamask crypto wallet users may be on the point of losing all of their crypto assets or face physical hazards. Alexandru Lupascu, co-founder of the OMNIA protocol and a security expert and cryptographer, discovered this flaw in the popular Web 3.0 wallet.

Hackers just need $50 to compromise someone's privacy

The founder of OMNIA discovered that the bad cop can access a user's IP address by transferring free ownership of digital art by issuing an NFT or non-fungible token. To compromise an individual's privacy, a hacker only requires a pittance of $50. Lupascu further urges users not to exacerbate the risk by leaking their IP addresses.

Lupascu went on to say that malevolent parties can also commit physical dangers such as kidnapping if they have access to information via an IP address (GSM carrier, geolocation, etc).

The attacks, according to the cryptographer, might be more devastating than a Distributed Denial of Service attack (DDoS). The Mirai botnet attack in October 2016 brought down GitHub, Netflix, Airbnb, Twitter, Reddit, Spotify, and other popular websites. This attack has the potential to be eight times as powerful as the Mirai botnet attack.

Alexandru published a detailed roadmap of how an attack is carried out, encompassing everything from minting an NFT to sending it to the target in order to gain access to their IP address and, finally, taking their digital assets. He performed this attack on the iOS Metamask app version 3.7.0, but it's very likely that the Android version is the same.

Alexandru coined an NFT on the largest NFT marketplace, OpenSea, and then altered the ERC-1155 with Remix Ethereum IDE.

Is it now fixed?

Lupascu claims to have found and reported the security weakness to the Metamask team on December 14, 2021. They, on the other hand, ignored the problem and vowed to fix it by Q2 2022.

He went on to say that it is entirely unacceptable for them to forsake such a big proportion of their user base for such an extended period of time, especially when it is already known as the Metamask mentioned.

Daniel Finlay, the founder of Metamask, confessed that the issue has been publicly publicised for a long time and that he does not believe the disclosure applies. He made the statement after the research was made public.

Finlay went on to say that it is appropriate for Alex to criticise them for not addressing the issue sooner. "Thanks for the kick in the pants, and sorry we needed it," he added after they had begun the work.

In other headlines, Metamask's parent company, ConsenSys, raised $200 million in funding, with Metamask surpassing 21 million monthly active users in November of last year.

The well-known cryptocurrency wallet was also used as a doorway to 3,700 Web 3.0 decentralised applications (dApps).

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According to the Federal Reserve, it is still uncertain if CBDCs would benefit the American economy.

The Federal Reserve, the United States' central bank, has produced a discussion paper that explores the benefits and drawbacks of launching a potential US CBDC. This is the Fed's first public discussion with the general people to evaluate whether and how the digital form of the dollar could assist the domestic financial system.

Advantages and disadvantages

While several countries, led by China, are racing to create their own central bank digital currencies and integrate them into their monetary networks, the United States is not in a hurry. More than a year ago, Jerome Powell, Chairman of the Federal Reserve, guaranteed that the world's biggest economy will "carefully and thoughtfully" investigate the issue before making a decision.

In a recent paper, the Fed detailed the most important benefits and drawbacks of such a financial instrument.

"We look forwards to engaging with the public, elected officials, and a wide spectrum of stakeholders as we explore the benefits and drawbacks of a central bank digital currency in the United States," Powell said.

Consumers and businesses have long kept and transferred money in digital forms, such as bank accounts or online transactions, according to the organisation. As a result, a hypothetical central bank digital currency might continue the trend by offering a "secure, digital payment option for households and companies." Furthermore, CBDC transactions may result in speedier international settlement chances.

However, because the government would control the monetary product, the digital version of the US dollar could be detrimental to people's privacy. It may also be detrimental to America's financial stability and fail to advance existing payment methods.

Powell stated last year that the primary value of a CBDC may be to replace cryptocurrencies, including stablecoins. Nonetheless, he revised his mind earlier this month and indicated that central bank digital currencies and stablecoins may coexist.

The Chinese CBDC Won't Work in the United States

The Chair of the Federal Reserve stated in April 2021 that the United States should not replicate the Chinese model of a central bank digital currency. He believes that the two economic superpowers are extremely different and necessitate various approaches:

"The money in use in China is not one that would operate here." It is one that permits the government to view every payment that is made in real time."

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"This is where greed gets you," says Canberra-born crypto fraudster Stefan Qin in a tell-all video released in advance of his seven-year prison sentence in New York City for stealing $US90 million from Australian and US investors.

On Friday night, a media organisation that interviewed Qin three days before he began his sentence released a YouTube video that shows viewers around his $US24,500-a-month penthouse with towering views of the metropolis.

In September, Qin was charged with one count of securities fraud after a US court found him guilty of intentionally misleading investors and falsifying account statements connected to his cryptocurrency arbitrage fund, Virgil Sigma Fund.

He was sentenced to 712 years in federal prison, followed by three years on supervised release.

Qin is shown boxing in the video, which he claims he is learning so that he can defend himself in prison.

Qin describes the extreme bullying and harassment he endured at the hands of his classmates in Canberra in a wide-ranging and candid interview.

"That led to some tremendous despair and suicidal tendencies from year seven and eight on," he adds, adding that this was exacerbated by a "great insecurity in the Asian community to to be as successful as possible at all costs."

"It's not even about making money; it's about looking good." Later on, that manifested itself in the worst way conceivable, where I would simply keep raising money... and in the back of my mind, I'd be thinking, 'stuff you, I'm more successful than you now.' 'Please come and work for me.' That's exactly what I'd tell my inner bullies."

Qin dropped out of UNSW in 2016, relocated to China, became involved in crypto arbitrage (investors take advantage of bitcoin price variations on different crypto exchanges), and established Virgil Capital, a hedge fund.

Qin discusses about losing his virginity in 2017 to a female he was "madly in love with [who] cheated on me with some guy who was richer than I was."

Throughout the film, Qin discusses the dissolution of his relationship and how it fueled much of his mental turmoil, driving him to appear more and more successful.

Qin was left with complete management of Virgil Capital following a disagreement with the fund's co-founders.

"It's a formula for catastrophe when you're 21 and suddenly have access to all these bank accounts," he says.

Qin, who shopped the arbitrage fund across Australia and the United States, claims it had $2 million invested when the Wall Street Journal dubbed him the "bitcoin wunderkind" in 2018.

He raised another $45 million within 15 to 16 days of the story breaking, and another $20 million the following month.

"All of a sudden, we had more than $60 million and no means to put it to use."

Qin was interviewed by CNBC about his popular fund at the time, and he advised viewers to search for market possibilities in Western and Eastern markets.

"A professional hedge fund manager would never throw away their competitive prospects in that manner," he adds in the tell-all video.

"I was fine with giving it up since, despite what I claimed, I wasn't actually trading them." "Everything was a hoax."

'That was my biggest mistake,' he says.

Qin laments his lack of material belongings while spending a large portion of his money on sugar babies, or young ladies in need of financial assistance who partner with a wealthy guy in exchange for affection.

"At least with vehicles and stuff, you can sell them," he explains. "How do I recover money from sugar babies?"

Qin, who deceived to investors about the fund's performance month after month, was eventually charged with one count of securities fraud, which he claims might have been far worse.

"In fact," he argues, "if they knew the full amount, the hundred-plus million figure, it would be a totally different situation." "Because $100 million is a lot more than $90 million."

The video is called The 24-Year-Old Crypto Crook Who Ran a $140 Million Ponzi Scheme.

Qin remembers the SEC coming in to register his valuable belongings, including a collection of Magic: The Gathering cards worth at least "a couple hundred thousand dollars," as he walks through the sprawling three-bedroom residence.

"By the time they arrived, I'd already realised that none of this belonged to me.

"The difference between this and the money in the bank accounts is that it's lot more genuine seeing someone come and stealing items, as opposed to freezing your bank accounts."

'I messed around all day playing video games.'

According to Qin, Virgil Capital eventually failed not due to irate investors, but because he "mucked around all day playing video games."

Employees of the fund eventually joined together and exposed Qin, who was transferring money between accounts to conceal the fund's underperformance. "They banded together against me and created a cabal."

When the SEC investigation into Qin and his company was publicised in December 2020, Qin described himself as sitting in an upscale hotel room in Korea, with a "sugar baby" in the next room.

When he begged her to remain an extra day and she demanded more money, he claims it was the lowest time in his life.

Despite holding 200 bitcoins in his wallet, which were worth between $4 million and $5 million at the time, Qin surrendered to authorities within two days.

"I had the option of fleeing," he admits. "I had plastic surgery on my face, got a new passport, and lived for a while on 200 bitcoins."

Qin claims his behaviour is deplorable as he sits at a table in the apartment where night has fallen.

"None of this is the fault of investors, and I elected to go down that road, but I felt enormous pressure to exaggerate the return and just lie because I wanted to match the expectation," he adds of his "wunderkind" status.

"No one grows up thinking, hey, I'd want to steal $100 million."

Qin concludes the video by stating that he owes society a large debt. In prison, he intends to write a book and eventually run for office in Australia.

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