$54 Million AI-Based Crypto Scam Uncovered in Japan

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.

According to a report by Japanese publication Asahi Shimbun, the group raised funds for a sham artificial intelligence-powered cryptocurrency trading fund in the Aichi region of the country.

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…