{"id":50637,"date":"2023-05-25T06:14:20","date_gmt":"2023-05-25T10:14:20","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=50637"},"modified":"2023-05-25T06:16:20","modified_gmt":"2023-05-25T10:16:20","slug":"crypto-scam-nine-arrested-for-duping-students-in-japan","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/crypto-scam-nine-arrested-for-duping-students-in-japan\/","title":{"rendered":"Crypto Scam: Nine Arrested For Duping Students In Japan"},"content":{"rendered":"\n

Police in Osaka have arrested nine suspects for allegedly using false promises and illegal tactics to lure students into investing in cryptocurrencies.<\/p>\n\n\n\n

\"Crypto<\/figure>\n\n\n\n

According to the police, the nine suspects, including three university students, solicited investments from three universities in Osaka and elsewhere between June and September 2022.<\/p>\n\n\n\n

They are accused of negotiating contracts without a written agreement and falsely assuring the students that the deals could not be cancelled.<\/p>\n\n\n\n

The suspects allegedly collected about 775 million yen ($5.54 million) from 2,515 customers, many of them in their 20s.<\/p>\n\n\n\n

Aftermath<\/h3>\n\n\n\n

The suspects used a multilevel marketing scheme, recruiting new investors and receiving commissions from their referrals. They claimed affiliation with Market Peak, a dubious cryptocurrency firm based in Dubai, the United Arab Emirates.<\/p>\n\n\n\n

Market Peak is a dubious platform that offers various investment packages with high returns in exchange for its token, PEAK. The token is not listed on any reputable cryptocurrency exchange<\/a> and has no value.<\/p>\n\n\n\n

Additionally, the suspects used social media and online seminars to promote their scheme and attract more victims.<\/p>\n\n\n\n

The police have arrested the nine suspects for violating the Financial Instruments and Exchange Act,\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> which prohibits soliciting investments without registration and disclosing important information.<\/p>\n\n\n\n

The police are also investigating the possibility of fraud and money laundering allegations. The scammers took the victims\u2019 money, and the victims may face legal troubles if they recruited others.<\/p>\n\n\n\n

The scam<\/use><\/svg><\/span><\/a> also tarnishes the reputation of the cryptocurrency industry, which already faces regulatory challenges and public skepticism.<\/p>\n\n\n\n

Identifying Crypto Scams in the Future<\/h3>\n\n\n\n

Cryptocurrency investors should be wary of any offers that sound too good to be true, such as guaranteed profits, high returns, or risk-free investments.<\/p>\n\n\n\n

They should also do their own research (DYOR)<\/a> before investing in any cryptocurrency project, particularly those not well-known or widely traded.<\/p>\n\n\n\n

Furthermore, they should verify the legitimacy of the platform, the team, and the token they are dealing with and avoid giving out personal or financial information to unknown parties.<\/p>\n\n\n\n

Investors should also report any suspicious activities to the authorities and seek legal counsel if they have fallen victim to a scam.<\/p>\n","protected":false},"excerpt":{"rendered":"

Police in Osaka have arrested nine suspects for allegedly using false promises and illegal tactics to lure students into investing in cryptocurrencies. According to the police, the nine suspects, including three university students, solicited investments from three universities in Osaka and elsewhere between June and September 2022. They are accused of negotiating contracts without a […]<\/p>\n","protected":false},"author":44,"featured_media":50652,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[5392,8682,883,14597],"class_list":["post-50637","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-cryptocurrency-2","tag-crypto-scams-2","tag-japan","tag-osaka"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/05\/osaka-police.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/50637","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=50637"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/50637\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/50652"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=50637"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=50637"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=50637"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}