Cryptocurrency

Ten Million Cryptocurrency Fraud: 4 Arrested!

Four people have been arrested in Japan on suspicion of running an AI-based cryptocurrency investment scheme. The cluster, which managed to reach close to 20,000 investors, managed to collect 6 billion yen in total. In summing up this measure, investors were promised a profit of 2.5 times. In addition, it turned out that this operation has been going on since September 2019. However, the investigation could only be concluded at the moment despite the complaints.

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$54 million fundraised in cryptocurrency scam

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In an unprecedented medical fraud case, Japanese police arrested four people for allegedly operating a bogus crypto trading fund. According to a report by Japanese publication Asahi Shimbun, the cluster has reached out to investors for an invalid AI-backed cryptocurrency trading fund in the country’s Aichi region.

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It is argued that the cluster, which calls themselves The Oz Project, made false statements by promising very high returns on leveraging artificial intelligence to trade cryptocurrencies. The cluster is also accused of creating a cluster in the LINE messaging app to hold seminars and solicit investment. According to the thesis, they offered investors a monthly profit of 60%, or 2.5 times the principal price, within four months. The cluster allegedly collected 6 billion yen (US$54.3 million) for the plan from approximately 20,000 investors across Japan due to its void promises.

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The investment plan says it has been going on for years

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In addition, it turned out that the investment plan has been going on for several years. According to the report, police have been investigating the case since September 2019, when investors first filed a complaint in Nagoya. The inclusion of cryptocurrencies in a partially unsystematic asset class also leads to flexibility in research. Therefore, since October 2020, the incidence of crypto scams is 1%. increased by more than 000.

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As a result, the cluster, Cryptocoin. com

As we noted , it is accused of using artificial intelligence, which is less common in other crypto scams. While firms use AI engines to make trading decisions, they are rarely able to deliver the same returns as Project Oz promises. In reality, many AI-based funds can deliver annual returns of 20% to 30%, despite the potential risk of losses from adverse market conditions. However, aggressive clusters are able to reach people through social media and connection channels and create a fund with promises of higher profit returns.

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