Bitcoin, the largest cryptocurrency by market capitalization in the world, reached over $9,300 on Tuesday.
The suspects behind the scheme spent months crafting what appeared to be a legitimate company, complete with press information about investing activities.
Popular ICO influencer Ian Balina lost $2 million in cryptocurrency during a livestream event for his followers.
Bitcoin has steadily gained value over the last week to bring confidence back to the market.
Japan could be one of the world's newest hubs for cryptocurrency trading despite a surge in regulations.