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Four men have been arrested in Japan on suspicion of running a fraudulent AI-driven crypto investment scheme.
Group in Japan Accused of Raising $54 Million
In a one-of-a-kind fraud case, Japanese police have arrested four men for allegedly running a fake crypto trading fund in Japan.
Calling themselves the Oz Project, the group allegedly made false promises of leveraging artificial intelligence to trade cryptocurrencies, promising very high returns.
The group is accused of holding seminars and creating a group on the LINE messaging app to solicit investments. They allegedly offered a monthly profit of 60% or 2.5 times the principal amount within four months.
For their false promises, the group allegedly raised 6 billion yen (US$54.3…