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<ul><li>Yang Bin was sentenced to 6 years in Singapore for a $5M cryptocurrency Ponzi scheme.</li><li>Over 700 were defrauded by Yang&#39;s fake crypto mining scheme using non-existent machines.</li><li>Yang&#39;s Ponzi scheme involved fake crypto mining investment returns with a fraudulent app.</li></ul>Yang Bin, a former textile mogul and once China&#39;s second-richest man, has been <a href="https://www.channelnewsasia.com/singapore/yang-bin-jail-six-years-ponzi-scheme-crypto-mining-chinese-tycoon-4567521" rel="noopener noreferrer nofollow">sentenced</a> to six years in prison by a Singaporean court for masterminding a fraudulent cryptocurrency investment scheme that defrauded over 700 investors. The 61-year-old, a Chinese-Dutch national, was also fined S$16,000 (approximately $12,200).The Scheme and Its OperationYang established A&amp;A Blockchain Innovation in April 2021 after arriving in Singapore on a social visit pass. The company claimed to own 300,000 cryptocurrency mining machines and promised investors daily returns of 0.5%. However, the machines were non-existent, and the company operated as a classic Ponzi scheme, using funds from new investors to pay returns to earlier participants.<a href="https://cryptotale.org/chinese-tycoon-yang-bin-sentenced-to-6-years-for-ponzi-scheme/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Chinese Tycoon Yang Bin Sentenced to 6 Years for Ponzi Scheme

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