Odaily Planet Daily News A&A Company lied about buying a cryptocurrency mining company in Yunnan, China, defrauding more than 700 local investors in Singapore to invest 6.7 million Singapore dollars. Wang Xinghong, a CTO from China, was sentenced to five years in prison for participating in this "Ponzi scheme" and earning more than 130,000 yuan in remuneration. The case shows that the defendant's accomplices include a man named Yang Bin. Yang Bin established A&A Blockchain Innovation Pte Ltd (A&A) on April 20, 2021 and is the chairman and person in charge of the company. A&A promoted a cryptocurrency mining plan to local investors between May 20, 2021 and February 15, 2022. A&A lied about buying 70% of the shares of a cryptocurrency mining company in Yunnan, China, which owns 300,000 cryptocurrency mining machines. A&A told investors that the mining machines can mine cryptocurrencies such as Bitcoin and Ethereum, earning investors 0.5% of their investment profits every day. But the entire investment plan is actually a "Ponzi scheme", A&A uses the investment funds of new investors to pay "profits" to previous investors. (Shin Min Daily News)