Japanese Pyramid Scheme Takes $68 Million in Bitcoin

[kreslik.news]

Police in Tokyo have arrested eight men for their involvement in an alleged pyramid scheme involving cryptocurrency, according to Asahi Shimbun.

Returns of up to 20 percent

Six of the suspects have admitted to the crime. Allegedly, the defendants took both cryptocurrency and cash from the public, without registering for a licence with the relevant authorities.

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They are accused of running a company called ‘Sener’, which they claimed was an American investment company, and soliciting money from nine victims. These victims paid the company a total of 29 million yen ($255,988), believing that the company would ... (read more)