Spain busts $21M crypto scam using deepfake ads
Spanish police have arrested six individuals involved in an elaborate AI-powered cryptocurrency investment scam that defrauded victims of around €19 million (US$20.9 million).
The suspects, ranging in age from 34 to 57, were apprehended in Granada and Alicante following a two-year investigation. During raids, authorities seized mobile phones, computers, hard drives, cash, and other incriminating evidence, as reported by Bleeping Computer.
According to police, the criminals established multiple shell companies to conduct fraudulent operations. Victims were identified and targeted through advanced algorithms and lured into investing through deepfake advertisements featuring prominent…
