A&A Blockchain Innovation founder jailed for crypto Ponzi scheme in Singapore

Yang Bin, a Dutch national who is the mastermind of a S$6.7 million crypto investment Ponzi scheme, has been sentenced to six years in prison, CNA reported. After setting up the crypto mining firm A&A Blockchain Innovation in Singapore in April 2021, Yang allegedly lured more than 700 investors by promising them a fixed daily return of 0.5% on their investment. The amount of losses is substantial and the victims have not been compensated, said a judge.