China’s ex-convict jailed six years in Singapore for S$6.7M crypto scam
Yang Bin, a Jiangsu-born Dutch national and once China’s "second-richest man", was sentenced to six years in prison on Monday (26 August) and fined S$16,000 for running a multi-million-dollar Ponzi scheme under the guise of a cryptocurrency investment.
Yang pleaded guilty to eight charges, including conspiring to cheat, operating without a valid work pass, and employing an individual without a valid work pass.
Yang incorporated A&A Blockchain Innovation in 2021, falsely claiming the company had acquired a 70 percent stake in 300,000 mining machines in Yunnan, China. The scheme deceived over 700 investors, leading to a total investment of approximately S$6.7 million.
Questions remain on how he set up a company in Singapore with only a social pass, despite his criminal history.
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