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China’s second richest man jailed for 6 years over $5 million crypto fraud

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China’s second richest man, as of 2001, according to a Forbes ranking was jailed in Singapore following a fraudulent crypto investment scheme.

Yang Bin, a Chinese-Dutch National and the second richest man in China in 2001 was sentenced to six years in prison in Singapore and fined a total of $12,200 on Monday, Aug 26 for leading a multi-million dollar Ponzi scheme disguised as a crypto investment operation.

The Ponzi Scheme  

Yang founded A$A blockchain innovation in April 2021 and falsely claimed to own over 300,000 cryptocurrency mining machines with the capacity to deliver a 0.5% return to investors.

In reality, there were no mining machines and Yang utilized funds he received from investors to pay older investors in a carefully orchestrated Ponzi scheme.

The Scheme which promised investors returns from cryptocurrency mining attracted over 700 investors who put in over $5 million between May 2021 and February 2022. The company operated a money circulation scheme [continue reading at link, below].

Source: Crypto Mining News - Bing

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