Singapore company A & A CTO sentenced to 5 years in prison for involvement in cryptocurrency Ponzi scheme

On August 10, it was reported that A & A company falsely claimed to have bought a Chinese Yunnan cryptocurrency mining company and defrauded more than 700 local investors in Singapore to invest 6.70 million yuan. Wang Xinghong, the CTO from China, was sentenced to five years in prison for participating in the "Ponzi scheme" and earning more than 130,000 yuan. The case revealed that the defendants' accomplices included a man named Yang Bin. Yang Bin established A & A Blockchain Innovation Pte Ltd (A & A) on April 20, 2021 and is the chairman and person in charge of the company.
A & A pitched a cryptocurrency mining plan to local investors between May 20, 2021 and February 15, 2022. A & A falsely claimed to have bought a 70% stake in a cryptocurrency mining company in Yunnan, China, which owns 300,000 cryptocurrency mining machines. A & A told investors that the mining machines can mine cryptocurrencies such as bitcoin and ethereum, earning investors 0.5% of the investment profit every day.