Greek Police Smash $9 Million AI Crypto Scam with 17 Arrests

Greek authorities have broken up a suspected cryptocurrency pyramid scheme that allegedly swindled over 10,000 investors out of roughly $9 million. The operation, disguised as the Hellenic Artificial Intelligence Team Association (AT Team Greece), promised high returns using an AI-powered trading algorithm. Investigators described it as a classic pyramid scheme, where new investors' funds paid earlier members while the rest was funneled into offshore accounts.

Police raids on Sept. 30 led to 17 arrests, including two alleged leaders and military personnel, with nine more suspects named in the case. The group had set up physical offices across Greece and organized public events to appear legitimate. Victims were told their USDT or USDC stablecoin investments would double in 50 days, but withdrawals were blocked starting Sept. 1.

During searches across five offices, nine homes, and a hotel, police seized $330,521 in cash, 70 electronic devices, financial records, and even weapons. The scheme operated since at least April 2025, with 18 victims reporting losses totaling $62,690. The detained suspects now face formal prosecution.