Crypto Scammers Busted for Using AI to Steal $21 Million from Unsuspecting Investors

Spanish Police Bust Crypto Scam Using AI, Seize €21 Million

Spanish authorities have arrested 11 individuals and seized €21 million in assets as part of a major crackdown on a cryptocurrency scam that used artificial intelligence to target unsuspecting investors.

The operation, dubbed "Operation Dragon," was carried out by the Spanish National Police and the Guardia Civil, with the assistance of Europol and other international agencies. The investigation, which began in 2020, uncovered a sophisticated scheme that used AI-powered chatbots to lure investors into buying worthless cryptocurrencies.

According to authorities, the scammers created fake investment platforms and used the AI-powered chatbots to interact with potential investors, providing them with false information and promises of high returns. The chatbots were designed to mimic human-like conversations, making it difficult for victims to distinguish between the real and the fake.

The scam is believed to have targeted hundreds of investors, many of whom are believed to be located outside of Spain. Authorities have identified the victims and are working to recover their losses.

The arrested individuals, all of whom are Spanish nationals, are accused of running the scam from a central location in the country. They are believed to have used the stolen funds to purchase luxury goods and properties, as well as to finance other criminal activities.

The seizure of €21 million in assets is one of the largest in a cryptocurrency-related scam, and authorities are hailing the operation as a major success.

"This operation demonstrates the determination of the Spanish authorities to combat cryptocurrency-related fraud and protect investors from these types of scams," said a spokesperson for the Spanish National Police.

The investigation is ongoing, and authorities are working to identify and prosecute any additional individuals involved in the scam. The case serves as a warning to would-be scammers that law enforcement is increasingly sophisticated and equipped to track down and bring to justice those who engage in these types of criminal activities.