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Market

Japanese police arrest suspected masterminds behind “AI-controlled” crypto fraud

July 14, 2021 - Around 2 mins mins to read

Four men are said to have been arrested in Aichi Prefecture, Japan, for running an allegedly fraudulent crypto investment system that convinced investors that they could make a profit based on the system.

Around 20,000 Japanese investors across the country are said to have been attracted to the program, with an estimated total volume of 6 billion yen ($ 55 million). Four suspects: Shoji Ishida, Yukihiro Yamashita, Takuya Hashiyada and Masamichi Toshima, were arrested on July 12, according to the Japanese Asahi Shimbun.

The alleged scam called “Project Oz” promises that an automated AI-based system will result in investors getting 100% of their original investment back, with guaranteed returns two and a half times their original value over a four-month period. Some of the program’s investors have filed civil lawsuits for damages in Nagoya and Tokyo, Asahi reported.

To attract investors, Oz Project has a team member dedicated to organizing seminars and briefings for attendees and encouraging attendees to create and join an investor group for the popular Japanese messaging app LINE. This strategy is believed to have motivated many participants to include their friends and relatives in the program.

Prior to yesterday’s arrest, Nagoya investors filed a criminal complaint with the prefecture police in September 2019. Asahi found that the police were also ransacking his property looking for further evidence.

Related: Crypto Criminals Disappeared on Less than $ 5 Billion in 2020 as Fraud Revenue Drops

While artificial intelligence and other emerging technologies continue to be exploited by the bad guys to carry out their plans with seductive attraction, the technology is also being used to target and kill such criminals. In early 2018, Dubai police successfully used intelligent bots and AI technology to quickly track down a gang behind the $ 1.9 million armed Bitcoin theft (BTC).

In the UK, the country’s Advertising Standards Authority announced this week that it is improving its ability to track suspicious cryptocurrency ads online using technologies such as scraping and artificial intelligence.

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Market

Japanese police arrest suspected masterminds behind “AI-controlled” crypto fraud

Four men are said to have been arrested in Aichi Prefecture, Japan, for running an allegedly fraudulent crypto investment system that convinced investors that they could make a profit based on the system.

Around 20,000 Japanese investors across the country are said to have been attracted to the program, with an estimated total volume of 6 billion yen ($ 55 million). Four suspects: Shoji Ishida, Yukihiro Yamashita, Takuya Hashiyada and Masamichi Toshima, were arrested on July 12, according to the Japanese Asahi Shimbun.

The alleged scam called “Project Oz” promises that an automated AI-based system will result in investors getting 100% of their original investment back, with guaranteed returns two and a half times their original value over a four-month period. Some of the program’s investors have filed civil lawsuits for damages in Nagoya and Tokyo, Asahi reported.

To attract investors, Oz Project has a team member dedicated to organizing seminars and briefings for attendees and encouraging attendees to create and join an investor group for the popular Japanese messaging app LINE. This strategy is believed to have motivated many participants to include their friends and relatives in the program.

Prior to yesterday’s arrest, Nagoya investors filed a criminal complaint with the prefecture police in September 2019. Asahi found that the police were also ransacking his property looking for further evidence.

Related: Crypto Criminals Disappeared on Less than $ 5 Billion in 2020 as Fraud Revenue Drops

While artificial intelligence and other emerging technologies continue to be exploited by the bad guys to carry out their plans with seductive attraction, the technology is also being used to target and kill such criminals. In early 2018, Dubai police successfully used intelligent bots and AI technology to quickly track down a gang behind the $ 1.9 million armed Bitcoin theft (BTC).

In the UK, the country’s Advertising Standards Authority announced this week that it is improving its ability to track suspicious cryptocurrency ads online using technologies such as scraping and artificial intelligence.

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