Yang Bin, once China’s second-richest person in 2001, was jailed in Singapore for a crypto crime on August 26, 2024.
A Singaporean court ordered the detained founder of A$A blockchain company to pay $12,200 in fines with six years in jail.
Earlier this week, the Chinese authorities successfully extradited the MBI Group founder from Thailand.
Despite restrictions over crypto-related activities in China, the region is constantly cracking down on projects and infrastructure affiliated with digital assets.
According to recent information, China’s second richest businessman was jailed in Singapore over charges related to crypto fraud and others. The court filing notes the imprisonment of six years in jail.
Forbes identified Yang Bin as the 2nd richest businessman in China in 2001. On August 26, 2024, a Singaporean court ordered Yang to pay $12,200 as a penalty for 6 six imprisonments.
As per available information, the Chinese business founded A$A Blockchain Innovation in 2021.
He successfully defrauded over 700 clients out of $5 million by falsely claiming to possess 300k cryptocurrency mining machines that could deliver a 0.5% daily return to investors.
During the court hearing, Yang pleaded guilty to eight charges, including operating without an official license, conspiracy to cheat, and others. His downfall began in 2002 when he was arrested on tax evasion charges.
The following year, in 2003, he was sentenced to 18 years in prison. After serving his sentence, Yan Bin was released on September 26, 2016.
Other Recent Updates
Earlier this week, Todayq reported that Chinese authorities successfully deported the founder of MBI Group from Thailand. MBI Group was involved in a cryptocurrency pyramid scheme affecting over 10 million people and involving over $13 billion in damages.
The Taiwan Court has imprisoned eight people who were concerned about leaking the region’s crucial information to China. Also, the identified spies were funded by China using cryptocurrencies.
Among eight convicted people, one was an active military personnel and a retired. As per the allegation, these spies collected crucial details about the states and transferred the information to China.
In mid-August 2024, China’s Supreme Court and public prosecutor revised virtual asset transaction guidelines. Based on the court’s final verdicts, virtual assets transactions will now be considered under the nation’s anti-money laundering regulation.
Crypto Market Price Updates
As of writing, the cryptocurrency market capitalization was $2.187 Trillion, with a loss of over $19.012 Billion.
However, since the beginning of 2024, the broader market has marked several milestones, and Bitcoin registered its all-time high in March 2024.
Source: TradingView
BTC’s price has added 9.47% to its trading price, reaching $ 63,806 as of writing. As per border speculations, the ongoing presidential election in the United States has fueled a recent boost in Bitcoin prices.
The weekly gainers’ list is led by Popcat (POPCAT) as its price grew over 91.61%, reaching $0.785, and Artificial Superintelligence Alliance (FET) reached $1.35, adding 64.33%.
Dogwifhat (WIF) remains in the limelight as its price grew over 37% in a week and reached $1.91. Market watchers claim if bulls continue their dominance, WIF will soon mark the nearest resistance of $2.00.
Among all memecoins, Dogwifhat is claimed to have more potential and could become a leading crypto in the near future. In terms of market capitalization, WIF is the 48th most prominent crypto and the 10th most traded.
Among all memecoins, Dogwifhat is claimed to have more potential and could likely become a leading crypto in the near future. In terms of market capitalization WIF is the 48th most prominent crypto and the 10th most prominent in terms of the intraday trading volume.
