{"id":111234,"date":"2024-08-26T12:44:00","date_gmt":"2024-08-26T11:44:00","guid":{"rendered":"https:\/\/bodexng.com\/?p=111234"},"modified":"2024-08-26T12:44:02","modified_gmt":"2024-08-26T11:44:02","slug":"chinas-second-richest-man-yang-bin-jailed-for-6-years-over-5-million-crypto-fraud","status":"publish","type":"post","link":"https:\/\/bodexng.com\/2024\/08\/chinas-second-richest-man-yang-bin-jailed-for-6-years-over-5-million-crypto-fraud\/","title":{"rendered":"China\u2019s second richest man, Yang Bin jailed for 6 years over $5 million crypto\u202ffraud\u202f"},"content":{"rendered":"
<\/div>\n

China\u2019s second richest man, as of 2001, according to a Forbes ranking was jailed in Singapore following a fraudulent crypto investment scheme.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

He even developed an app that faked investment returns to deceive investors that the operation was legitimate.<\/p>\n\n\n\n

In his court sentencing, Yang pleaded guilty to eight charges including conspiracy to cheat and operating without a valid work permit.<\/p>\n\n\n\n

Deputy public prosecutor Wong Shiau Yin stressed Yang\u2019s pivotal and important role in the scheme and the lack of restitution for victims.<\/p>\n\n\n\n

District Judge Brenda Chua highlighted Yang\u2019s significant culpability compared to his co-accused, whose legal proceedings are ongoing.<\/p>\n\n\n\n

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.<\/p>\n","protected":false},"excerpt":{"rendered":"

China\u2019s 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 […]<\/p>\n","protected":false},"author":886,"featured_media":111235,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":[]},"categories":[1738],"tags":[],"class_list":["post-111234","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crime"],"jetpack_publicize_connections":[],"yoast_head":"\nChina\u2019s second richest man, Yang Bin jailed for 6 years over $5 million crypto\u202ffraud\u202f<\/title>\n<meta name=\"description\" content=\"China\u2019s second richest man, as of 2001, according to a 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