Spain busts $21M crypto scam using deepfake ads

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 public figures.

Once investments were made, scammers informed victims their funds were "blocked," claiming recovery required additional payments. In some cases, fraudsters further deceived victims by impersonating law enforcement officials and attorneys to extract even more money, WikiFX reported.

Authorities estimate around 208 victims globally were targeted in this sophisticated scam.