What happened

The scam exploited AI to create deepfake ads featuring well-known personalities, promising high returns on cryptocurrency investments with zero risk. Victims were targeted using algorithms that identified individuals susceptible to such schemes. 

The fraudsters operated in multiple phases, initially stealing funds through fake investment platforms and later posing as financial advisors, law enforcement agents, or legal representatives to extract additional fees under the guise of recovering lost funds. 

The operation also involved shell companies and over 50 fake identities used by the group's leader.

Over 208 victims globally were defrauded, with significant financial losses reported. Authorities seized luxury assets, electronic devices, and fake documents during raids across Spain.

Why it happened

The scammers leveraged advanced AI tools to enhance the credibility and scalability of their operations. 

By creating deepfake ads and using sophisticated targeting algorithms, they were able to deceive victims effectively and evade detection for an extended period.