According to Odaily, A&A Company falsely claimed to have acquired a cryptocurrency mining company in Yunnan, China, defrauding over 700 investors in Singapore of 6.7 million SGD. Wang Xinghong, the CTO from China, was involved in this Ponzi scheme and earned over 130,000 SGD in rewards. He has been sentenced to five years in prison. The case revealed that Wang's accomplice, a man named Yang Bin, played a significant role in the scheme. Yang Bin established A&A Blockchain Innovation Pte Ltd (A&A) on April 20, 2021, and served as the company's chairman and leader. From May 20, 2021, to February 15, 2022, A&A promoted a cryptocurrency mining plan to local investors. The company falsely claimed to have purchased 70% of a cryptocurrency mining company in Yunnan, which allegedly owned 300,000 mining machines. A&A assured investors that these machines could mine cryptocurrencies like Bitcoin and Ethereum, promising a daily return of 0.5% on their investments. However, the entire investment plan was a Ponzi scheme, with A&A using funds from new investors to pay 'profits' to earlier investors.
