Greek police have dismantled an alleged cryptocurrency investment scheme that used artificial intelligence-linked claims to attract investors, with authorities estimating that more than $8 million flowed into the platform.
The operation followed a months-long investigation by the Katerini Crime Investigation and Detection Subdirectorate. Police arrested 17 people, including two suspected leaders, during coordinated operations across several regions of Greece. Nine additional individuals have been named in the case.
According to Greek authorities, the organisation had been active since at least 2025 and operated through apparently legitimate corporate structures and an online investment platform. Investigators said the group had developed a pyramid-style system that promised unusually high returns from cryptocurrency investments.
Participants were allegedly told their initial capital could double within 50 days, with the operation promoted around claims of high or guaranteed returns with little or no risk. Investors were also encouraged to bring additional participants into the network.
Reports on the investigation said the group operated under the Hellenic Artificial Intelligence Team Association, also referred to as AT Team Greece, using an AI-linked identity to support the investment proposition. The operation was reportedly promoted as using automated AI trading to generate cryptocurrency returns.
Authorities estimate that at least 10,000 people were recruited into the scheme and that approximately $8 million entered the investment platform. While some reports have described the case as a roughly $9 million scam, the official Greek police statement puts the estimated amount flowing into the platform at more than $8 million.
During the investigation, police formally identified 18 victims who had invested a combined €55,970 through the platform. The figure represents investments linked to the victims identified during the investigation and is separate from the broader estimate of funds that entered the platform.
Searches were carried out across five offices, nine homes and other locations. Authorities seized €295,090 in cash, along with 32 mobile phones, 28 computers, 15 tablets, 38 USB storage devices, 16 data storage drives, bank cards and other digital equipment.
The case comes as AI terminology is increasingly appearing in financial products and online investment promotions, including platforms claiming to use automated trading algorithms. In this case, however, authorities have characterised the operation as an unauthorised pyramid-style investment scheme rather than a legitimate AI trading service.
Those arrested were taken before the Katerini prosecutor and subsequently referred to an investigating judge as authorities continue proceedings in the case.
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