A Bitcoin Scam Scheme has Stolen $68.42 Million from over 6,000 Naive Investors
The blockchain industry is becoming increasingly popular for allowing a large number of scammers to thrive. The anonymous nature of blockchain technology is been exploited by this bad eggs to cause more damage to the industry’s reputation. A case in point is the recent discovery of a Bitcoin Scam Scheme which has so far stolen about $68.42 Million from unsuspecting victims.
Eight Men Arrested
Based on a recent report it was made known that Tokyo’s authorities have arrested eight men. These men are suspect in a Bitcoin-related scheme which has stolen about 7.8 billion Japanese Yen, from unsuspecting victims. The suspects are also being charged with violating Japan’s Financial Instruments and Exchange Law. The report made it known that these men have stolen from more than 6,000 naive investors, spread across Japan. Based on the report from Tokyo’s police department, the reason behind the use of crypto by the scam scheme is to make it easy for them to disappear when the time comes.
Sener— Fake US-based investment organization
Further investigations have brought to light, the fact that the scam company has also convinced corporate investors into investing into a US-based investment organization named “Sener”.
It was reported that the scammers were able to convince the cooperate investors into investing about 29 million Yen ($255,000) with them. The report made it known that a total of nine investment like this was recorded. The scam company also made sure to inform the investors that their funds would be used to purchase Bitcoin (BTC) and other digital assets for a lucrative investment opportunity.
They were also promised a return of investment of 3-20% on monthly basis.
The company was, however, able to pay the profit at first, since it was operating as a traditional pyramid scheme, using the new money to pay old clients.
So far, two of the eight men team have confessed and admitted to the crime leveled against them.
