Suspects in $68M Crypto Pyramid Scheme Detained by Tokyo Police

The Tokyo police have arrested eight men suspected of carrying out a cryptocurrency pyramid scheme which netted them 7.8 billion yen ($68.4 million) in both cash and crypto, according to a report by local newspaper Asahi Shimbun.

Six of those arrested on Wednesday, among them a 46-year-old company executive named Kazunari Shibata, have already admitted to the allegations, the Tokyo Metropolitan Police Department confirmed.

The men stand accused of running what they claimed was a US investment company called Sener, for which they held seminars featuring foreign s…

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