Spanish police dismantle an "AI+crypto" scam gang, with involved illicit funds of approximately 21.5 million dollars

ChainCatcher news, according to a statement from the Spanish National Police, Spanish authorities have dismantled a complex cryptocurrency investment scam that used artificial intelligence to lure investors with fake celebrity endorsements, defrauding over 200 victims of more than 19 million euros (21.5 million dollars).

The investigation began when a man from Granada reported losing 624,000 euros (700,000 dollars) in an alleged cryptocurrency investment fraud. The scam gang used AI-generated videos of well-known public figures to persuade unsuspecting individuals to invest in seemingly high-return cryptocurrency ventures and requested additional payments to unlock their original investments.

It is reported that the leader of the criminal operation was arrested while attempting to flee to Dubai, and 6 suspects, aged between 34 and 57, now face charges of fraud, money laundering, and document forgery.