Japan is known to be a country of utmost discipline, and its people are famous for worshiping their work and duties. Hence, even after disastrous attacks and much more, Japan came out to be one of the world’s largest and most developed economies.
The country is also recognized for its growing financial literacy and development of technology.
Hence, as a result, Japan is known to be the hub of cryptocurrency trading all over Asia. Japan has always been at the forefront of technological advancements. Owing to the same, Japan is one of the first few countries that adapted cryptocurrency and traded with open arms.
But as there is a yin to every yan, this also comes with some cons. With increasing financial literacy and technological updates, the probability and number of cases of scams have also increased.
One such case is reported recently in the Aichi Prefecture region of Japan. As per the reports of police authorities, four men, namely Shoji Ishida (59), Yukihiro Yamashita (61), Takuya Hashiyada (46), and Masamichi Toshima (52), were arrested for defrauding crypto investors by pitching a scheme they called as the ‘Oz Project.’ Reports also revealed that Ishida was the head of the group.
According to the few local media houses, the group successfully scammed about 10,000-20,000 people and gathered an amount worth 6 billion Yen (approximately $55 million).
They frauded people by claiming that they would increase people’s crypto investment by 2.5 times in 4 months.
After investigation, the group started deceiving people four years back by holding seminars all over the country. They claimed to invest the investor’s money in crypto via an AI trading system, but authorities realized no such system ever existed after thorough interrogation.
With an ever-increasing craze of the new evolving digital currency, it becomes the responsibility of the customers to gather authentication about the same and be conscious about their respective investments.