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Stefan Qin Accounts At CoinBase and Kraken Are Frozen by Ex Parte SDNY Order for SEC

By Matthew Russell Lee, Exclusive Patreon
BBC - Guardian UK - Honduras - ESPN

SDNY COURTHOUSE, Dec 23 –   An asset freeze against Stefan Qin's Sigma Fund was sought and obtained by the U.S. Security and Exchange Commission at 7 pm on December 23.

No defense lawyer was present.

Inner City Press covered and live tweeted it, here: (and added more on Patreon here)

It's 7 pm and the SEC has gotten an ex parte hearing to freeze accounts, before U.S. District Court for the Southern District of New York Judge Lorna G. Schofield.

"Qin, Virgil Capital & Sigma Fund 'held millions worth of digital assets at 39 trading platforms."  SEC lawyer Susan Lamarca said she spoke with defendant's lawyer, who said they would only appear if required.

SEC: "This is ex parte, to freeze assets."

 SEC: "Qin is a citizen and resident of Australia and part-time resident of New York. He is currently believed to be in Seoul, South Korea and owns these LLCs through Virgil Technologies LLC, domiciled in the Cayman Islands."

 SEC: "Qin claims to use a proprietary trading algorithm for the Sigma Fund to generate better returns that an investment in Bitcoin." SEC asks: "defendants to disgorge their ill-gotten gains according to proof, plus perjudgment interest thereon."

SEC lawyer says the assets are in CoinBase and Kraken, who are temporarily maintaining a compliance hold. But it could end anytime. "It won't last long." 

SEC: we spoke with both platforms. They agreed to maintain the hold for a couple of days.

Now Qin knows 

SEC lawyer: we've spoken with a lawyer who represents Qin in another investigation. We reached out to him. Judge Schofield: I am prepared to enter the temporary restraining order and freeze the assets of the entity defendants, and a document preservation order

Judge Schofield: I would not put the account numbers in a public order. Should I put it in a sealed appendix?

 SEC lawyer: You do not need to put it in an order. We may found other accounts. Numbers are not necessary at all.

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