8 arrested for running $68M cryptocurrency Ponzi scheme in Japan

Japan has another cryptocurrency scam to recover from as police have arrested a group suspected of running a cryptocurrency pyramid scheme. Today, Tokyo police arrested eight men thought to be connected to a Ponzi scheme that collected over $68 million in cryptocurrency from around 6,000 people, local news the Asahi Shimbun reports. According to Tokyo’s Metropolitan police, the men have violated the Financial Instruments and Exchange Law (FIEL) by not registering their business with the relevant regulators and authorities. The perpetrators had been using cryptocurrency to fund their pyramid scheme and maintain some anonymity. Crpyotcurrency transactions are not recognized by…

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