Chinese Tycoon Yang Bin Sentenced to 6 Years for Ponzi Scheme
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Yang Bin's Sentencing: Yang Bin, a former textile mogul and once China's second-richest man, was sentenced to six years in prison in Singapore for orchestrating a $5 million cryptocurrency Ponzi scheme that defrauded over 700 investors.
Operation of the Scheme: Yang's company, A&A Blockchain Innovation, falsely claimed to operate 300,000 cryptocurrency mining machines and promised daily returns, but it was a classic Ponzi scheme using new investors' funds to pay earlier participants.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
