Spanish police smash a cryptocurrency investment scam that used AI to defraud $21.5 million

According to Decrypt, Spanish police have arrested six suspects and successfully dismantled a cryptocurrency investment fraud gang that had been operating for two years. The gang used artificial intelligence technology to create fake celebrity videos, defrauding 208 victims and involving a total amount of over 21.5 million US dollars. The investigation of this case began two years ago when a victim from Granada reported to the police that they had lost over 700000 US dollars. Fraudsters attract investors by promising high returns and require victims to make additional investments in order to recover their principal. The police stated that the main leader of the gang was arrested while preparing to flee to Dubai, and six suspects aged between 34 and 57 have been charged with fraud, money laundering, and forgery of documents. The case is still under further investigation.