The Securities and Exchange Commission (SEC) has charged New York-based crypto hedge fund Virgil Capital with securities fraud and frozen its assets. The agency's complaint stated that the fund's founder, 23-year-old Stefan Qin, with engaging "in a deceptive course of conduct, using materially false and misleading statements to investors and others" and causing harm to two crypto funds – the Sigma fund and the VQR fund – marketed by his company. "This emergency action is an important step to protect investor assets and prevent further harm," stated Kristina Littman, chief of the SEC Enforcement Division's Cyber Unit.