China’s Second Richest Man Imprisoned for Cryptocurrency Fraud

The second wealthiest man in China once served a six-year prison sentence in Singapore for orchestrating a fraudulent cryptocurrency investment scheme.

Azcnews Recovered China's Second Richest Man Imprisoned For Cryptocurrency Fraud

Yang Bin, a Dutch-Chinese tycoon who was ranked as the second richest person in China by Forbes in 2001, was sentenced to six years in prison and fined 16,000 Singapore dollars (approximately 12,200 USD) on Monday, August 26. His conviction stemmed from leading a multi-million dollar Ponzi scheme disguised as a cryptocurrency investment operation, according to a CNA report.

Yang, who founded A&A Blockchain Innovation in April 2021 without a valid work permit, falsely claimed that the company owned 300,000 cryptocurrency mining machines capable of generating a daily return of 0.5% for investors. In reality, these machines never existed, and Yang used funds from new investors to pay returns to earlier ones.

A&a Blockchain Innovation
A&a Blockchain Innovation

This scheme promised profits to investors through cryptocurrency mining, reportedly drawing in over 700 participants who invested around 6.7 million Singapore dollars (over 5 million USD) between May 2021 and February 2022. Yang’s company operated a money circulation scheme, and he directed his accomplice, Wang Xinghong, to develop an app that fabricated investment returns.

Yang pleaded guilty to eight charges, including conspiracy to defraud and operating without a valid work permit. Deputy Public Prosecutor Wong Shiau Yin emphasized Yang’s central role in the scheme and the lack of restitution for the victims. District Judge Brenda Chua highlighted Yang’s significant culpability compared to his co-accused, who are still undergoing legal proceedings.

Previously involved in the textile industry in China, Yang was appointed by North Korea in 2002 to oversee the economic development of the Sinŭiju Special Administrative Region. However, he was placed under house arrest by Chinese authorities for tax evasion in November of that year.

(3 votes)

2.3/5

(3 votes)

Latest

Giant Golden Cz Statue Appears Outside U.s. Capitol

News | Editor Choice | Memecoin

Giant Golden CZ Statue Appears Outside U.S. Capitol

A giant golden statue honoring Binance founder Changpeng Zhao suddenly appeared outside the U.S. Capitol just days after President Trump granted him a pardon, igniting fierce controversy over its anonymous funding and the launch of a new meme token called CZSTATUE.

Xrp Signaling Strong Bullish Momentum Ahead Of Fed Meeting

News | Altcoin | Editor Choice

XRP Signaling Strong Bullish Momentum Ahead of Fed Meeting

Crypto analyst Block Bull has drawn attention to XRP’s chart, noting the emergence of an inverse head-and-shoulders pattern—a classic indicator of a potential trend reversal from bearish to bullish.

Whales Withdraw Massive Link Holdings, Is A Major Price Surge Coming

News | Altcoin | Editor Choice

Whales Withdraw Massive LINK Holdings, Is a Major Price Surge Coming?

Chainlink (LINK) is entering a decisive phase as a series of on-chain and derivatives data point to growing buying pressure, setting the stage for a potential strong breakout in the days ahead.

Trump Family’s Bitcoin Firm Soars 10% After Major Btc Purchase

News | Bitcoin | Editor Choice

Trump Family’s Bitcoin Firm Soars 10% After Major BTC Purchase

American Bitcoin, a cryptocurrency mining firm founded by the Trump family, has sparked investor excitement after its stock jumped 10% following the purchase of over 1,400 Bitcoin, raising its total holdings to nearly $4.5 million.

X402 Token Surpasses $800 Million Market Cap After Launch On Bnb Chain

News | Altcoin | Editor Choice

x402 Token Surpasses $800 Million Market Cap After Launch on BNB Chain

Just one day after launching its new version on BNB Chain, the x402 ecosystem stunned the market as its market capitalization soared past $800 million, marking a remarkable milestone for the web-based payment protocol developed by Coinbase.

Screenshot 2025 10 20 091338