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Four men arrested in Japan for $54.3M Crypto Scam

Four Japanese men have been arrested by the Aichi Prefectural Police division on allegations of “cheating money” according to a report by local news platform Asahi.

The accused men defrauded over 2000 crypto investors in Japan, obtaining around 6 billion Yen ($54.3 million) from the scheme.

Shoji Ishida, Yukihiro Yamashita, Takuya Hashiyada, and Masamichi Toshima wooed investors with the “OZ Project”, an Artificial Intelligence (AI) system that reportedly trades crypto.

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Investors were promised a minimum monthly interest rate of 60%.

Investments were also touted to increase 2.5 times in four months with the help of the AI trading system, but it turned out to be a scam.

Some victims have also filed lawsuits against the OZ Project in Tokyo and Nagoya.

NEXT: ChainSwap announce 717,220 $ASAP and Stablecoins Compensation after $8M exploit

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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