Six arrested for AI-powered investment scams that stole $20 million

Spain's police arrested six individuals behind a large-scale cryptocurrency investment scam that used AI tools to generate deepfake ads featuring popular public figures to lure people. The scam was very successful, defrauding 19 million Euros ($20.9M) from 208 victims worldwide. The police operation, codenamed "COINBLACK – WENDMINE," started two years ago following the submission of a victim's complaint. The action led to the arrests of six individuals aged between 34 and 57 in the regions of Granada and Alicante. Moreover, 100,000 Euros, mobile phones, computers, hard drives, firearms, and documents were seized during the police raids. The police's announcement underlines the complexity of the operation, explaining that the criminals had created multiple shell companies to launder the crime proceeds. At the same time, the group's leader used over 50 distinct aliases. Multiple scam phases The scam had multiple phases, starting with typical "romance baiting" or the threat actors p ... Read full article.