AI-Powered Crypto Scam Busted: Six Arrested in $20 Million Fraud Case

During the investigation, police searched the home of the suspected leader and found mobile phones, computers, data storage devices, a replica weapon, and documents. Authorities said the group used over 50 false identities and created fake businesses to move the stolen money.

According to an April 7 statement, instead of randomly picking victims, the scammers used automated systems to find people whose online profiles matched certain criteria. Once selected, these people were shown ads on websites and social media that promised high returns and no risk.

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

What is a Smart Contract? (Explained with Animations)

SUBSCRIBE

ON YOUTUBE

The ads often featured fake endorsements from public figures, created with deepfake technology. In some cases, the group also posed as financial experts or even started personal conversations to gain trust.

Spanish police explained that after victims sent money, the fraud did not stop. The same group would contact the victims again, pretending to be investment managers, and saying the money had been frozen and could be returned if a deposit was made.

Later, victims were approached by people claiming to be agents from Europol or lawyers from the UK. They said the funds could be returned if taxes were paid in the country where the money was supposedly blocked.

Recently, former Rippling employee Keith O’Brien admitted to leaking internal information to a competitor in exchange for Ethereum ETH $1,638.35 payments while still employed at the company. How did the case unfold? Read the full story.