{"id":136261,"date":"2024-08-27T10:30:52","date_gmt":"2024-08-27T07:30:52","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=136261"},"modified":"2024-08-27T02:40:30","modified_gmt":"2024-08-26T23:40:30","slug":"former-chinese-billionaire-sentenced-for-crypto-ponzi-scheme","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/former-chinese-billionaire-sentenced-for-crypto-ponzi-scheme\/","title":{"rendered":"Former Chinese Billionaire Sentenced for Crypto Ponzi Scheme"},"content":{"rendered":"<p>The 61-year-old, who also holds Dutch citizenship, <strong><a href=\"https:\/\/www.channelnewsasia.com\/singapore\/tech-lead-jailed-singapore-investors-lose-million-crypto-firm-chinese-tycoon-4529596\" rel=\"nofollow\">admitted<\/a><\/strong> to multiple charges, including running a scam and operating without proper permits. He was also fined S$16,000.<\/p>\n<p>Yang\u2019s fraudulent company, A&amp;A Blockchain Innovation, attracted over 700 investors who collectively lost around S$1.1 million between May 2021 and February 2022. Promising daily returns from cryptocurrency mining machines that never existed, Yang used new investor funds to pay off earlier investors, a textbook Ponzi scheme.<\/p>\n<p>This isn\u2019t Yang\u2019s first legal trouble. In 2003, he was sentenced to 18 years in China for tax evasion but was released early in 2016.<\/p>\n<p><div class=\"read-more pb-3 pt-3 pt-md-2 px-3 my-4 border bg-light\">\n    <h5 class=\"text-uppercase border-bottom mb-3 pb-1\">Read More:<\/h5>\n    <a class=\"article row post-136217\" href=\"https:\/\/cryptodnes.bg\/en\/power-outages-linked-to-illegal-bitcoin-mining-in-thailand\/\" title=\"Power Outages Linked to Illegal Bitcoin Mining in Thailand\">\n        <div class=\"contentRight col-4\">\n            <span class=\"imgContainer mt-0\">\n                <img class=\"image img-defer\" src=\"https:\/\/cryptodnes.bg\/en\/wp-content\/uploads\/sites\/2\/2022\/07\/Bitcoin-Mining-1-240x170.jpg\">\n            <\/span>\n        <\/div>\n        <div class=\"contentLeft col-8\">\n            <h4 class=\"title mb-0\">Power Outages Linked to Illegal Bitcoin Mining in Thailand<\/h4>\n        <\/div>\n    <\/a>\n<\/div>\n<\/p>\n<p>His latest scam involved creating an app that falsely showed profits to investors. Authorities recovered S$100,000 from his residence, but no restitution has been made to the victims.<\/p>\n<p>District Judge Brenda Chua handed down the sentence, highlighting Yang\u2019s significant role in the scam. His lawyer managed to reduce the sentence slightly by citing his early guilty plea and cooperation with the investigation. This case serves as a warning to those investing in unregulated crypto schemes.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Former Chinese billionaire Yang Bin has been sentenced to six years in a Singapore prison for orchestrating a fraudulent crypto investment scheme.<\/p>\n","protected":false},"author":3,"featured_media":37560,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[26],"tags":[424],"coin_category":[],"class_list":["post-136261","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocrime","tag-crypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Former Chinese Billionaire Sentenced for Crypto Ponzi Scheme<\/title>\n<meta name=\"description\" content=\"Former Chinese 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