Singapore crypto mining scammer arrested! A&A CEO Yang Bin sentenced to six years in prison!
Dutch CEO Yang Bin, who concocted a crypto mining Ponzi scheme in Singapore, was finally caught and sentenced to six years in prison! His A&A company lied about cooperating with Chinese mining companies, owning 70% of the equity of 300,000 mining machines, defrauding more than 700 people, and the amount involved was as high as 6.7 million Singapore dollars.
The company was established in April 2021. It used high daily interest rates as bait, but in fact it was empty-handed and new money was used to make up for old accounts. The typical Ponzi scheme reappeared in the arena.
On August 26, Yang Bin pleaded guilty to eight counts in the Singapore National Court. In addition to six years in prison, he was also fined 16,000 Singapore dollars. Previously, the company's CTO Wang Xinghong was also sentenced to five years in prison for this case.
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This case once again reminds the world: investment needs to be prudent, and don't be blinded by the temptation of huge profits. Share your anti-fraud experience and build a safe investment defense line together!