Jail for ‘key cog’ in cryptocurrency scam in which investors in Singapore lost S$1.1mil

- Illustrative photo.

SINGAPORE: He was the chief executive of a firm that offered investment schemes, claiming to have 300,000 physical mining machines capable of generating revenue by mining cryptocurrencies.

But this turned out to be a hoax. Lu Huangbin’s firm, A&A Blockchain Technology Innovation, was in fact running a Ponzi scheme.