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Spanish authorities have dismantled a criminal network that defrauded investors of approximately €19 million (about $20 million) using artificial intelligence to create deepfake videos of celebrities endorsing fake cryptocurrency investments. The operation, which led to the arrest of six individuals, was part of a broader crackdown on investment scams utilizing advanced technology. Reports indicate that the network targeted over 200 victims through deceptive online platforms. In a related development, Chainalysis assisted Spanish police in recovering $21 million linked to a global Ponzi scheme that affected 50,000 victims, highlighting the ongoing challenges in combating cryptocurrency-related fraud.
An estimated $1 trillion was lost globally to fraud in 2023. Here's what went on behind the scenes of a sophisticated crypto-scam operation in Dubai, according to a former scammer who reveals how victims were ensnared. More on Bloomberg Investigates https://t.co/nWkbC3h1iV https://t.co/DwBS0DVHxv
Bernhard Fritsch, 63, of Malibu was found guilty by a jury of defrauding investors out of $20 million+ by lying about his technology company’s financials related to an application designed to help celebrities & influencers monetize endorsements. Details: https://t.co/qDyQ2Rz2OX https://t.co/xGLDNDLg0r
CRYPTO SCAMS DOMINATE UK INVESTMENT FRAUD SCENE In 2024, cryptocurrency-related scams constituted a staggering 66% of all investment fraud cases in the UK, with a total of £649 million reported stolen, according to data from the City of London Police. This alarming statistic https://t.co/r4WF909Oma
