$69M Crypto Scam Busted in Japan

According to law enforcement agencies, about 6,000 people participated in the project called Sener, that turned to be a financial pyramid
15 November 2018   612

Tokyo police have arrested eight people who are suspected of creating a cryptocurrency financial pyramid called Sener. According to the Asahi Shimbun, the organizers raised $ 69 million (7.8 billion yen).

It follows From the police reports that the company is not registered with the Financial Services Agency of Japan. In October, 73 people filed for Sener with a claim for damages amounting to $ 3.3 million (370 million yen). According to law enforcement agencies, about 6,000 people participated in the project. Six suspects have already pleaded guilty, two deny.

Also, according to a police report, Sener has invested in cryptocurrency. The organizers promised from 3% to 20% of profits every month, and if investors bring in new participants, the payout percentage will increase.

The company conducted seminars with the involvement of foreign speakers, which were posted on YouTube.

Cryptopia to Resume Trading Temporary

Trading lasted few hours and has been stopped, and the company itself has not made any announcements on this matter
18 March 2019   28

Hacked cryptocurrency exchange Cryptopia temporarily resumed trading on this Monday, according to information from the order book on its website. To date, trading has been stopped, and the company itself has not made any announcements on this matter. The total volume of transactions on the exchange, which ceased trading services about two months ago, in the last 24 hours amounted to a little more than 10 BTC.

In a message not related to today's test launch of trades, the exchange announced that it would send letters to all clients affected by the hacker attack. A copy of the letter is available on the Cryptopia website. In it, the exchange describes the circumstances of the hacking and its further actions.

The company also confirmed that it will pay damages to affected users. Customers who kept cryptocurrency stolen from the exchange will see in their accounts withdrawal records without transaction identifiers, reflecting the extent of the damage. They will get Cryptopia Loss Marker (CLM), which are records in the database of payments due to them.

According to the announcement, the company expects to proceed with the payment of compensation and resume trading until the end of the month after the completion of the necessary legal procedures.