Japanese police arrest suspects in $ 55 million cryptocurrency scam

Japanese police arrest suspects in $ 55 million cryptocurrency scam

In the fraudulent scheme, the criminals deceived 20 thousand Japanese investors.

Four men have been arrested in Aichi Prefecture in Japan on charges of running a fraudulent cryptocurrency scheme that tricked 20,000 Japanese investors into an investment of 6 billion yen (about $ 55 million). Fraudsters convinced investors that they could profit from an artificial intelligence (AI) -based trading system.

As the Japanese newspaper Asahi Shimbun reported, the organizers of the fraudulent scam dubbed the Oz Project promised investors that an AI-based automated system would return 100% of their initial investment with a guaranteed return of two and a half times the cost of a four-month course.

One of the criminals conducted workshops and briefings for project participants and encouraged the creation and participation of a special group of investors in the popular Japanese messaging application LINE. This strategy prompted many participants to involve their friends and family in the scheme.

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