Greek Police Smash $9 Million AI Crypto Investment Scam

Greek authorities have broken up an elaborate cryptocurrency scam that swindled over 10,000 investors out of approximately $9 million. The scheme, which operated under the facade of the Hellenic Artificial Intelligence Team Association (AT Team Greece), lured victims with promises of doubling their money in 50 days using an AI-powered trading algorithm. The operation involved USDT and USDC stablecoins and prohibited withdrawals during the investment period.

On Sept. 30, Greek police arrested 17 suspects, including two alleged ringleaders and several military personnel, during coordinated raids across multiple locations. Another nine individuals have been named in the formal case file. The syndicate had established physical offices in several Greek cities and organized social events to appear legitimate. However, authorities described it as a classic pyramid scheme, using funds from new investors to pay earlier members while laundering proceeds through offshore digital banks and cryptocurrency wallets.

During the raids, police seized $330,521 in cash, along with numerous digital devices, financial records, and even weapons from one suspect’s home. The detainees have been referred to an investigating judge for formal prosecution. The case highlights the risks of unregulated crypto investments and the threats posed by fake AI trading claims to public trust.