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

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.

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 that paid older clients with money gotten from newer clients.

He even developed an app that faked investment returns to deceive investors that the operation was legitimate.

In his court sentencing, Yang pleaded guilty to eight charges including conspiracy to cheat and operating without a valid work permit.

Deputy public prosecutor Wong Shiau Yin stressed Yang’s pivotal and important role in the scheme and the lack of restitution for victims.

District Judge Brenda Chua highlighted Yang’s significant culpability compared to his co-accused, whose legal proceedings are ongoing.

Yang was previously involved in the textile industry in China and was once appointed by North Korea to oversee the economic development of the Siniuju Special Administrative Region.