tl;dr
Spanish police have arrested six individuals involved in a two-year operation targeting a crypto investment scam ring. The ring used artificial intelligence and celebrity videos to deceive 208 victims, resulting in a total loss of over €19 million ($21.5 million). The criminals coerced investors to ...
Spanish police have arrested six individuals involved in a two-year operation targeting a crypto investment scam ring. The ring used artificial intelligence and celebrity videos to deceive 208 victims, resulting in a total loss of over €19 million ($21.5 million). The criminals coerced investors to continuously put in more money, promising substantial returns through crypto investing. The suspects, aged 34 to 57, face charges including fraud, money laundering, and false documentation. The investigation is ongoing, and authorities caution the public about high-profit, low-risk investment offers, particularly those exploiting artificial intelligence and unregulated platforms.
Celebrity involvement in crypto scams is not uncommon, with scammers using fake videos of famous individuals to lure investors. Additionally, there has been a trend of hijacked celebrity social media accounts promoting fraudulent meme coin schemes.
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. Authorities said that the alleged criminals used realistic celebrity videos, powered by AI, to convince would-be investors to hand over cash. 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 say which cryptocurrencies the scammers used, but did warn the public generally about investing in digital assets. "The National Police and the Civil Guard remind citizens of the importance of extreme caution in the face of investment offers that promise high profits and no risks," the Spanish Police said. "In particular, be aware of the fraudulent use of artificial intelligence to generate advertisements in which supposedly well-known personalities recommend investing in unregulated platforms."
The head of the criminal ring was caught before fleeing to Dubai, cops said, adding that the six suspects arrested were between 34 to 57 years of age. The police did not say whether they had managed to claw back the lost funds. Suspects have been charged with fraud, money laundering, and false documentation charges, and the investigation is still open.
Using celebrities to fleece would-be investors of cash in crypto scams is nothing new—scammers have for years set up fake accounts using fake videos of famous people promising huge returns as part of internet cons. Meanwhile, there’s been a rash of celebrity social media accounts hijacked in recent years and used to promote pump-and-dump meme coin scams. Just this week, legendary Guns N’ Roses guitarist Slash departed X after his account was hacked and stolen to promote such a scam.