Yang Bin, a 61-year-old Dutch national, was sentenced by a Singapore court to six years in prison and fined S$16,000 Singapore dollars for orchestrating a cryptocurrency Ponzi scheme. Yang’s company, A&A Blockchain Innovation, falsely claimed to own 300,000 cryptocurrency mining machines, promising investors a daily return of 0.5%. In reality, the company had no such machines and operated by using funds from new investors to pay returns to earlier investors. The scheme, which ran from May 2021 to February 2022, attracted over 700 investors who invested about S$6.7 million (approximately US$4.92 million), resulting in losses of around S$1.1 million. Yang faced charges for conspiracy to cheat, operating without a valid work pass, and hiring employees without valid work passes. The court emphasized his role as the scheme’s mastermind and the sophisticated tactics used to deceive investors, including fake marketing materials and a fraudulent app showing fake returns.