Greek police have dismantled a large-scale cryptocurrency pyramid scheme that defrauded more than 10,000 investors of approximately $9 million. The scheme, which operated under the name Hellenic Artificial Intelligence Team Association (AT Team Greece), promised investors that an automated AI trading algorithm would double their funds in USDT or USDC stablecoins within 50 days.
On September 30, authorities arrested 17 people, including two suspected ringleaders and several military personnel, during coordinated raids. Nine additional suspects were named in the formal case file. The investigation was led by the Katerini Crime Investigation and Detection Subdirectorate.
Operations and Illusion of Legitimacy
The organization established physical branches across multiple Greek cities—Larissa, Katerini, Peristeri, Kanalaki, and Mytilene—and conducted social events, public sponsorships, and charitable donations to appear legitimate. Police classified the operation as an unauthorized financial scheme that operated without regulatory approval.
Investors were prohibited from making withdrawals during the promised 50-day period. On September 1, all withdrawal functions were frozen completely, with authorities citing a purported strategy shift. Police determined that incoming funds from new recruits were used to pay commissions to earlier members, while proceeds were laundered through offshore digital banks and cryptocurrency wallets.
Investigation and Evidence
The organization was formed by April 2025 before expanding nationwide. During preliminary questioning, 18 victims reported combined losses totaling $62,690.
Police conducted raids across five offices, nine residential properties, and one hotel in Athens, Piraeus, Patras, and Ioannina. Officers seized $330,521 in cash along with extensive digital evidence, including 32 mobile phones, 15 tablets, 21 laptops, and seven desktop computers. Investigators also recovered 38 USB flash drives, 16 external hard drives, financial records, bank cards, and a money-counting machine. A flare gun, firecrackers, and metal pellets were confiscated from one suspect's residence.
The 17 detainees were presented before the prosecutor at Katerini Court of First Instance and referred to an investigating judge for formal prosecution proceedings.
