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Japanese police arrest alleged masterminds behind $55M ‘AI-led‘ crypto scam

Published 07/14/2021, 04:51 AM
Updated 07/14/2021, 06:40 AM
Japanese police arrest alleged masterminds behind $55M ‘AI-led‘ crypto scam

Four men have reportedly been arrested in Japan's Aichi Prefecture for running an allegedly fraudulent crypto investment scheme that persuaded investors they could reap returns on the basis of an artificial intelligence (AI)-led trading system.

Roughly 20,000 Japanese investors nationwide are thought to have been drawn into the scheme, which raised an estimated total of 6 billion yen ($55 million). The four suspects: Shoji Ishida, Yukihiro Yamashita, Takuya Hashiyada, and Masamichi Toshima, were arrested on July 12, according to Japanese newspaper Asahi Shimbun.

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