TechFlow news, April 13 — According to a statement from Spain's National Police, Spanish authorities have dismantled a sophisticated cryptocurrency investment scam that used artificial intelligence to create fake celebrity endorsements and lure investors, defrauding over 200 victims of more than 19 million euros ($21.5 million).
The investigation began when a man from Granada reported losing 624,000 euros ($700,000) in an alleged crypto investment fraud. The fraud ring used AI-generated videos of well-known public figures to persuade unsuspecting individuals to invest in seemingly high-return cryptocurrency ventures and demanded additional payments to unlock their initial investments. The alleged ringleader was arrested while attempting to flee to Dubai, and six suspects aged between 34 and 57 now face charges of fraud, money laundering, and document forgery.
