Greek Police Bust Alleged $9M AI Crypto Scam That Promised to Double Money

A Facade of Legitimacy

Greek police have dismantled a massive alleged cryptocurrency pyramid scheme that authorities said defrauded more than 10,000 investors of an estimated $9 million under the guise of an artificial intelligence (AI) association.

According to a local report, 17 people, including two suspected ringleaders and several military personnel, were arrested during early-morning raids on Sept. 30 led by the Katerini Crime Investigation and Detection Subdirectorate. Another nine suspects have been named in the formal case file.

The syndicate reportedly operated under a front organization known as the Hellenic Artificial Intelligence Team Association, or AT Team Greece. To create an illusion of legitimacy, the group established physical branches across Greece—including in Larissa, Katerini, Peristeri, Kanalaki and Mytilene—while organizing social events, public sponsorships, and charitable donations.

Promoted as a low-risk, high-return investment platform, the scheme promised victims that an AI-powered automated trading algorithm would double their money in USDT or USDC stablecoins within 50 days. During this period, investors were barred from making withdrawals. On Sept. 1, all withdrawal functions were frozen completely under the pretense of a strategy shift, leaving investors’ funds trapped.

Police described the platform as a classic pyramid scheme operating without authorization from financial regulators. Incoming funds from newer recruits were used to pay commissions to earlier members, while the primary proceeds were laundered into offshore digital banks and cryptocurrency wallets.

Raids and Evidence Seized

Records show the organization was formed by April 2025 before expanding across the country. During preliminary questioning, 18 victims reported combined personal losses totaling $62,690.

The police operation spanned five offices, nine residential properties, and a hotel in major centers, including Athens, Piraeus, Patras, and Ioannina. During the operation, officers seized $330,521 in cash along with an extensive array of digital evidence, including 32 mobile phones, 15 tablets, 21 laptops, and seven desktop computers.

They also recovered 38 USB flash drives, 16 external hard drives, a money-counting machine, SIM cards, financial records, and bank cards. A flare gun, firecrackers, and metal pellets were confiscated from one suspect’s home.

The 17 detainees have been presented before the prosecutor at the Katerini Court of First Instance and referred to an investigating judge for formal prosecution.