TTSEC Warns Public on AI-Based Crypto Scam Using Fake Government Endorsements

The Trinidad and Tobago Securities and Exchange Commission (TTSEC) has issued a public advisory after uncovering a sophisticated cryptocurrency scam operating under the names Stable Rowdex (also referred as and Stable Capital). The scam uses AI-generated videos, manipulated images, and fabricated news articles to falsely claim endorsement from the Prime Minister, the Finance Minister, and other senior officials.

According to the TTSEC, these representations are entirely false. Stable Rowdex is not registered with the Commission to offer securities or investment products in Trinidad and Tobago. The materials circulated are deliberately designed to mislead investors into transferring funds to the scheme.

Evidence gathered indicates that the operation relies on digital messaging and social media to promote the fraudulent platform. AI-generated content is used to impersonate public figures, lending the appearance of official approval. The TTSEC confirmed that no government official has authorized or endorsed Stable Rowdex in any capacity.

The Commission has advised the public to exercise extreme caution when approached with investment opportunities that promise unusually high or guaranteed returns, especially if the promotion includes images or videos of government officials. Members of the public who may have been contacted by the promoters, or who have information that could help identify those behind the scheme, are encouraged to report it to the TTSEC.

Earlier this year, the Ministry of Finance and the Ministry of Public Administration and Artificial Intelligence also issued warnings about fraudulent social media posts linking public officials to crypto investment schemes. The ministries emphasized that these posts are fake and investigations are ongoing.

BrokersView Reminds You

To verifying any investment entity is registered, exercising caution with unsolicited online offers, and conducting independent due diligence before transferring funds. These steps are essential to avoid falling victim to fraudulent schemes using AI-generated content.