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An international criminal network behind massive fraud has been dismantled following a joint operation by the Guardia Civil and Europol in Spain. The group used deepfake videos of celebrities, created using artificial intelligence, to promote fake cryptocurrency investments. In total, they scammed over €19 million from victims across multiple countries.
🎭 How the Scam Worked: Fake Celebrities, Deceptive Ads, and Cloned Websites
The scammers leveraged AI technology to create hyper-realistic videos of well-known public figures who appeared to endorse a specific investment platform. These videos were spread across social media platforms like YouTube, TikTok, and X (formerly Twitter), luring potential investors.
Once a victim clicked on the ad, they were redirected to a fraudulent website designed to mimic a legitimate investment platform. In some cases, even news websites were cloned to lend credibility to the scam. 
💰 The Fraud: Promises of Quick Returns and Calls from “Experts”
Victims were then contacted by people posing as financial advisors. Using encrypted messaging platforms like Telegram and WhatsApp, they convinced individuals to invest, promising high returns. Over time, they asked for more money to unlock supposed earnings or pay taxes.
Eventually, the scammers disappeared, leaving victims without their money or any way to reach them.
🌍 Global Reach: 40 Servers Seized and Over 1,500 Fake Domains Blocked
The police operation resulted in the seizure of 40 servers across multiple countries, including the Netherlands, Germany, the US, Ukraine, and the UK. Over 1,500 fraudulent websites used in the scams were also shut down.
It is estimated that this network may have stolen up to €9 billion in 2023 alone through similar schemes, affecting thousands of victims worldwide.
📱 How to Protect Yourself from AI and Fake Crypto Investment Scams
- Be skeptical of celebrities promoting investments on social media.
- Always verify the source of information and avoid clicking on suspicious ads.
- Never share personal or banking details with strangers via messaging apps.
- Consult a licensed financial advisor before investing in cryptocurrencies.
Information Sources:
Photo Attribution:
“Cryptocurrency Scams” by Edwin.images, available on Wikimedia Commons under the license CC BY-SA 4.0 (https://w.wiki/E2ke). Please credit https://www.bybit.com/en-US with a link.
“Cryptocurrency Theft and Scams” by Edwin.images, available on Wikimedia Commons under the license CC BY-SA 4.0 (https://w.wiki/E2kn). Please credit https://www.bybit.com/en-US with a link.
“Crypto Passwords & Security” by Edwin.images, available on Wikimedia Commons under the license CC BY-SA 4.0 (https://w.wiki/E2kp). Please credit https://www.bybit.com/en-US with a link.
