⚖️ Singapore mining scam revealed: A&A Investment Company CEO Yang Bin sentenced to 6 years in prison!
🚨 Yang Bin, CEO of a Singaporean company called A&A, was sentenced to 6 years in prison for running a cryptocurrency mining Ponzi scheme! This incident caused a sensation in Singapore.
🇸🇬 According to Singapore's Lianhe Zaobao, this Dutch Yang Bin set up an investment company in Singapore, saying that he was cooperating with a Chinese mining company and had a lot of mining machines, but it turned out to be all bragging. He also found three people to cheat more than 700 people for a total of 6.7 million Singapore dollars!
🤯 According to reports, Yang Bin's investment company A&A was established in April 2021 and said it was engaged in cryptocurrency mining investment. They also boasted that they had a cooperation with a mining company in Yunnan, China, and had 70% ownership of the mining company's 300,000 mining machines. They also promised to give investors a profit of 0.5% per day. Doesn't it sound tempting?
🔍 But in fact, A&A had no cooperation at all, and the mining machines were fictitious. This is a typical Ponzi scheme, using the money of new investors to pay the "profits" of old investors.
👀 In the end, Yang Bin faced 19 charges and pleaded guilty to eight of them in the Singapore National Court on August 26. The judge sentenced him to six years in prison and fined him 16,000 Singapore dollars.
👥 Moreover, this is not the first person from A&A to be arrested. Just on August 10, their company's CTO Wang Xinghong was also sentenced to 5 years in prison for participating in this scam.
🤔 This incident sounded the alarm for us: investment is risky, and we need to be cautious when entering the market. Especially for those projects that sound too profitable, we must be more careful.
👇 What do you think of this cryptocurrency mining scam? What investment tips do you have to avoid being fooled? Share your experience in the comment section, let us be vigilant and stay away from investment scams!
