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Spanish police arrest six over M AI-powered investment scam

Authorities in Spain have arrested six people who helped operate a global AI-powered investment scam that stole over $20 million from at least 208 victims. 

The scammers would swindle victims up to three times. After stealing an initial sum through the investment scam, the fraudsters contacted victims twice more, masquerading as investment managers and then as authorities, offering to recover the stolen funds for a fee, Spanish police said in an April 7 statement. 

The scammers used deepfake ads of “national personalities” promising high returns on crypto investments, and would occasionally pose as financial advisers or even feign romantic interest to lure in victims.  

Experts have been warning of a rise in AI-enhanced scams. Blockchain analytics firm Chainalysis said in its Feb. 13 Crypto Scam Revenue 2024 report that generative AI is making “scams more scalable and affordable for bad actors to conduct.”

“Victims were not selected randomly; instead, algorithms selected those whose profiles matched the cybercriminals’ searches,” Spanish police said.

“Once they selected their victims, they placed advertising campaigns on the websites or social networks they used, offering them cryptocurrency investments with high returns and zero risk of asset loss — investments that, obviously, turned out to be a scam.” 

When victims could not withdraw the funds, most realized it was a scam, according to Spanish police; however, the ruse didn’t end there. 

Scammers would trick victims again with follow-up scams

The cybercriminals would then contact victims again, posing as investment managers, claiming the stolen funds were frozen and could be recovered if they paid a deposit. 

“The victims, hoping to finally recover their money, made the deposit without realizing they had been scammed again,” Spanish police said.

The scammers would then contact victims a third time, this time posing as Europol agents or lawyers from the United Kingdom, offering to return the stolen funds if the victim paid the corresponding taxes in the country where it was blocked.

Related:  Crypto broker breaks ankles while fleeing kidnappers in Spain

Spanish authorities arrested six people involved in the syndicate, charging them with fraud, money laundering and falsifying documents in a criminal organization. 

During a raid on the alleged leader behind the scam, Spanish authorities seized numerous cell phones, computers, hard drives, a simulated weapon and extensive documentation. 

Several people linked to the plot have also been identified in other countries, and the syndicate allegedly created a large number of fake companies to channel the stolen funds.  

“Furthermore, the members of the organization used multiple false identities. In the case of the leader, for example, he used more than 50 different identities,” Spanish police said.

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US seeks to claim .4M in Bitcoin seized from ransomware group

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Trump reignites row with ‘nasty’ Sadiq Khan as Starmer responds

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Trump reignites row with 'nasty' Sadiq Khan as Starmer responds

Donald Trump has reignited his row with London mayor Sir Sadiq Khan after calling him a “nasty person” who has done “a terrible job”.

During an hour-long news conference with Sir Keir Starmer in Scotland, the US president hit out at the Labour mayor, who has responded with his own snipey remarks.

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Asked if he would visit London during his state visit in September, Mr Trump said: “I will, I’m not a fan of your mayor, I think he’s done a terrible job.

“A nasty person, I think.”

The prime minister then interrupted and said: “He’s a friend of mine.”

But the president added: “I think he’s done a terrible job but I will certainly visit London, I hope so.”

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Sir Sadiq’s spokesperson then released a statement saying: “Sadiq is delighted that President Trump wants to come to the greatest city in the world.

“He’d see how our diversity makes us stronger not weaker; richer, not poorer.

“Perhaps these are the reasons why a record number of Americans have applied for British citizenship under his presidency.”

The Right Honourable Sir Sadiq Khan after receiving the Honour of Knighthood during an Investiture ceremony.
Pic: PA
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Sir Sadiq Khan was knighted in June. Pic: PA

They noted that Sir Sadiq has won three mayoral elections, including when Mr Trump lost the US election in 2020.

This is not the first time Mr Trump and Sir Sadiq have locked horns.

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Prime minister, Sir Keir Starmer (right) and Mayor of London Sir Sadiq Khan lays a wreath at the 7/7 Memorial, in Hyde Park, London, to mark
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The PM told Mr Trump that Sir Sadiq is a friend of his – seen here laying wreaths for the anniversary of the 7/7 bombings. Pic: PA

During his first presidential term, Mr Trump called the London mayor a “stone cold loser who should focus on crime in London”.

Sir Sadiq then described Mr Trump as a “poster boy for racists”.

And in November 2024, after Mr Trump won his second term, Sir Sadiq said many Londoners would be “fearful” about what it would “mean for democracy”.

However, as Sir Keir tried to show diplomacy with Mr Trump after becoming PM, Sir Sadiq said he “wanted to work closely with the American president” ahead of his inauguration in January.

The London mayor said as somebody “who believes in democracy, and voting and elections, we should recognise the fact that Donald Trump is the elected president of the United States”.

But he added: “Let’s keep our fingers crossed that this president is different from the last time he was president.”

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Trump’s Truth Social Bitcoin ETF among multiple crypto funds delayed by SEC

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Trump’s Truth Social Bitcoin ETF among multiple crypto funds delayed by SEC

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The SEC delayed decisions on the Truth Social Bitcoin ETF and Grayscale’s Solana Trust, extending review periods as the US Congress moves with crypto regulation.

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