A Dutch national set up an investment company in Singapore to conduct what was essentially a 'Ponzi scheme.' He claimed to have partnered with a cryptocurrency mining company and possessed a large number of mining machines, recruiting three others to help plan the deception. The group falsely claimed they had a 70% stake in 300,000 mining machines owned by a cryptocurrency mining company located in Yunnan, China. They promised investors a daily profit of 0.5% but did not actually partner with this company and had no real mining equipment. Instead, A&A used funds from new investors to pay 'profits' to old investors, thereby sustaining the scam. During this process, the chairman of A&A Blockchain Innovation Pte Ltd, Yang Bin, played a key role. Following the sentencing of one of his accomplices, Yang Bin pleaded guilty to eight charges on August 26 at the Singapore State Court and was sentenced to six years in prison and fined SGD 16,000. Previously, another individual associated with the case, A&A's CTO Wang Xinghong, was sentenced to five years in prison on August 10 for involvement in a cryptocurrency Ponzi scheme.