Italian police dismantle ‘Hashburst’ AI-driven crypto scam

Italian financial police in Trient, working with Eurojust and specialized technology fraud units, have dismantled a large-scale investment scam known as ‘Hashburst’. The operation targeted entrepreneurs and retirees by promising exorbitant returns through cryptocurrency mining powered by artificial intelligence.

Investigators found that the suspects, some posing as IT experts, sold hardware priced between 4,000 and 30,000 euros. These devices were actually low-performance standard PCs, while the accompanying software and websites displayed fabricated profits.

Authorities have seized over 877,000 euros in assets from two individuals as part of the investigation, which involves five suspects. While the current confirmed damages from reported criminal complaints total approximately 877,000 euros, the estimated total fraud in the Trentino-South Tyrol region alone is believed to be around 5 million euros. The investigation, which began in April 2024, included enforcement actions across several Italian provinces and in Belgium.