Six people in Spain have been arrested in connection with a large-scale investment scam that used artificial intelligence (AI) tools and fake online promotions to steal over $20 million from more than 200 people.
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.
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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
$1,625.70
payments while still employed at the company. How did the case unfold? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
