On August 27, according to Singapore's Lianhe Zaobao, a Dutch man set up an investment company in Singapore to carry out a "Ponzi scheme", falsely claiming to cooperate with cryptocurrency mining companies, owned a large number of mining machines, and recruited three people to conspire to defraud more than 700 people for a total of 6.70 million yuan. After one of the accomplices was jailed, the mastermind was also jailed. The mastermind was Yang Bin from the Netherlands, who was the chairman of A & A Blockchain Innovation Pte Ltd (A & A) at the time of the crime. He faced 19 counts of fraud and violation of the Employment of Foreign Manpower Act. He pleaded guilty to eight of them in the Singapore National Court on August 26. After the judge took into account the remaining counts, he was sentenced to six years in prison and fined 16,000 yuan. The case shows that the defendants set up A & A in April 2021 to provide an investment plan for cryptocurrency mining. A & A falsely claimed to have partnered with a cryptocurrency mining company in Yunnan, China, and owned 70% of the latter's 300,000 mining machines; mining machines can mine cryptocurrencies such as Bitcoin and Ethereum. A & A promised investors that it could earn 0.5% of the investment profit every day. In fact, A & A did not cooperate with the Chinese company and did not own the mining machine. This was actually a "Ponzi scheme"; A & A used the investment funds of new investors to pay "profits" to old investors. Previously, on August 10, Singapore company A & A CTO Wang Xinghong was sentenced to five years in prison for his involvement in a cryptocurrency Ponzi scheme.