Spanish cops have arrested six people as part of a two-year operation to cripple a crypto investment scam ring that used artificial intelligence to con 208 people out of over €19 million ($21.5 million) in total.
The operation started two years ago when a man from the city of Granada went to the police after having lost €624,000 (over $700,000), the Spanish National Police said.
The authorities said the criminals were using AI-powered, realistic videos of celebrities to persuade would-be investors into handing over money.
In order to keep the con going, the group would tell victims that in order to be able to unlock their initial investment, they would have to plug more money into the scheme—which promised huge returns through crypto investing.
Spanish Police did not specify the cryptocurrencies that the scammers had used but warned the public about the dangers of investing in digital assets.
The Spanish Police warned that “the National Police and Civil Guard” reminds citizens to exercise extreme caution when investing in investments which promise high returns and low risks.
Be aware that artificial intelligence is being used to create advertisements where supposedly famous personalities are recommending investing on unregulated platforms.
Cops reported that the head of the criminal group was arrested before fleeing for Dubai. They also said the six arrestees ranged in age from 34 to 57. Police did not reveal whether the money had been recovered.
Investigations continue into the allegations of fraud, money laundering and falsification of documents.
Using celebrities to fleece would-be investors of cash in crypto scams is nothing new—scammers have for years set up fake accounts using Faked videos of famous celebrities Online scams that promise big returns are common.
In recent years, a number of celebrities’ social media accounts have been hijacked and used for pump-and dump meme coin scams. Guns N’ Roses legend Slash was arrested for a pump-and-dump meme coin scam just this week. departed X After his account had been hacked, and the stolen information was used to spread such a fraud.
Editor by Andrew Hayward
