The news you described is likely referring to the case of Ng Wei Ming, a Singaporean living in the United States who was charged in 2023 with running a cryptocurrency scam involving BitClub Network. The scam allegedly raised over US$230 million from investors worldwide.
Key details about the case:
- BitClub Network: A purported cloud mining company that promised investors high returns on their cryptocurrency investments.
- Alleged scam: Ng and his associates are accused of misappropriating investor funds and using them for personal expenses.
- Charge: Ng faces charges of wire fraud, conspiracy to commit wire fraud, and money laundering.
- Potential sentence: If convicted, Ng could face up to 20 years in prison for each count of wire fraud and money laundering, and a fine of up to US$250,000 or twice the amount of the loss caused by the offense.
Note: This is a developing case, and the outcome remains uncertain.
Would you like to know more about the case or BitClub Network?