TechFlow news, April 12 — According to Decrypt, Spanish police have arrested six suspects and dismantled a cryptocurrency investment scam ring that had been operating for two years. The group used artificial intelligence technology to create fake celebrity videos and defrauded 208 victims, amassing over $21.5 million.
The investigation began two years ago when a victim from Granada reported losses exceeding $700,000. The scammers lured investors by promising high returns and required victims to make additional investments before they could withdraw their principal.
Police stated that the ringleader was apprehended while preparing to flee to Dubai. The six suspects, aged between 34 and 57, have been charged with fraud, money laundering, and document forgery. The case is still under further investigation.
