PANews reported on August 27 that according to Singapore's Lianhe Zaobao, a Dutch man set up an investment company in Singapore to conduct a "Ponzi scheme", falsely claiming to cooperate with a cryptocurrency mining company and own a large number of mining machines, recruiting three people to conspire to defraud more than 700 people of a total of 6.7 million yuan. After one of the accomplices was imprisoned, the mastermind was also jailed. The mastermind was Yang Bin from the Netherlands, who was the chairman of A&A Blockchain Innovation Pte Ltd (A&A) at the time of the crime. He faced 19 charges including fraud and violation of the employment of foreign manpower laws. On August 26, he pleaded guilty to eight of them in the Singapore National Court. After taking the remaining charges into consideration, the judge sentenced him to six years in prison and a fine of 16,000 yuan.

The case shows that the defendant set up A&A in April 2021 to provide an investment plan for cryptocurrency mining. A&A falsely claimed that it cooperated with a cryptocurrency mining company in Yunnan, China, and owned 70% of the latter's 300,000 mining machines; the mining machines can mine cryptocurrencies such as Bitcoin and Ethereum. A&A promised investors that they could earn 0.5% of their investment profits every day. In fact, A&A did not cooperate with the Chinese company and did not own mining machines. This was actually a "Ponzi scheme"; A&A used the investment funds of new investors to pay "profits" to old investors.

Earlier on August 10, Wang Xinghong, CTO of Singaporean company A&A, was sentenced to five years in prison for participating in a cryptocurrency Ponzi scheme.