Greek Police Arrest 17 Over Alleged $9 Million AI Crypto Pyramid Scheme

Greek authorities have arrested 17 people over an alleged cryptocurrency pyramid scheme that targeted more than 10,000 investors and collected around $9 million, according to a report by News Mobile. The case centres on an organisation called AT Team Greece, which investigators say presented itself as an artificial intelligence-focused association.

Contents

01

What Investigators Say the Group Did

1.1

Withdrawals Restricted, Then Frozen

1.2

Searches, Seizures and the Next Legal Step

1.3

What the Report Does Not Establish

What Investigators Say the Group Did

According to the News Mobile report, investigators said the group used offices, public events and sponsorships to build credibility and attract investors. Those are the trappings of a legitimate business, and police allege they were used to persuade ordinary savers that AT Team Greece was a real, established operation rather than a scheme.

Victims were reportedly promised that an AI-powered trading system would double their investment within 50 days using cryptocurrencies such as USDT and USDC. For readers new to crypto, USDT and USDC are stablecoins, a type of digital token designed to hold a steady value, usually close to one US dollar. That design makes them popular for moving money between exchanges, and it also means a promise built around them can sound less volatile, and therefore less risky, than a bet on a token whose price swings.

A promise to double money in 50 days is an unusually large return for any investment over such a short period. The report does not say how the alleged trading system was supposed to generate that return, and it does not include any statement from AT Team Greece or from the arrested suspects responding to the allegations.

Withdrawals Restricted, Then Frozen

Withdrawals were restricted during the investment period, according to the report, and authorities said the platform eventually froze all withdrawals on September 1, citing a change in strategy. That date is the only specific event date given in the account. The report's publication date is not necessarily the date of the arrests, the searches or the freeze, and no exact arrest date is provided.

Police allege the operation functioned as a classic pyramid scheme, with money from newer investors being used to reward earlier participants. In a pyramid or Ponzi-style structure, early participants are typically paid with funds from later joiners rather than from genuine trading profits, which means the arrangement depends on a continuing flow of new money and can collapse when that flow slows.

A portion of the funds was also allegedly moved through offshore digital banks and cryptocurrency wallets, according to the report. The report does not identify the banks or wallet providers involved, and it does not say how much of the roughly $9 million is alleged to have passed through those channels.

Searches, Seizures and the Next Legal Step

Searches across multiple locations led to the seizure of more than $330,000 in cash, along with phones, computers, hard drives, USB drives, financial records and bank cards, the report said. The seized devices and records could matter to the investigation because they may hold evidence of how money moved and who controlled it, though the report does not describe what investigators have found on them so far.

The 17 arrested suspects have been referred to an investigating judge as the probe continues, according to the report. In Greece, an investigating judge is a judicial official who can oversee the gathering of evidence and decide on pre-trial steps, so the referral marks a formal stage in the case rather than a final ruling on guilt.

The report does not say what charges have been filed, whether the suspects remain in detention, when a trial might take place, or whether any of the 17 have responded to the allegations. It also does not name the police unit, spokesperson or court handling the matter, so the allegations remain attributed to Greek authorities and police at a general level.

What the Report Does Not Establish

Several figures in the account are broad. There is no breakdown of the roughly $9 million, no regional split of the more than 10,000 investors, and no figure for how many of them lost money. The report also does not confirm which agency led the investigation or how the $9 million figure was calculated.

For forex and crypto readers, the case is a reminder of a recurring pattern rather than a market event: an investment pitch that leans on an in-demand technology label, promises a fixed and very large return in a short window, and makes it hard to withdraw money. The report does not establish any link between this case and regulated forex or crypto markets, and it does not claim that any exchange, broker or stablecoin issuer was involved.

The allegations remain unproven, and the suspects have not been described in the report as having responded. Further details on charges, detention and the scope of the alleged losses would need to come from Greek authorities or the courts, and none of that material was available in the supplied report.

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