According to ChainCatcher, a statement from the Spanish National Police reveals that Spanish authorities have dismantled a complex crypto investment scam that used artificial intelligence to create 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 a suspected crypto investment fraud. The scam gang used AI-generated videos of well-known public figures to convince unsuspecting individuals to invest in seemingly high-return crypto enterprises and request additional payments to unlock their original investments.
The alleged ringleader was reportedly arrested while attempting to flee to Dubai, and 6 suspects aged between 34 and 57 are now facing charges of fraud, money laundering, and document forgery.
