Spanish Police Detain Four People Allegedly Involved in a $15M Crypto Ponzi Scheme

Spanish police arrested four people of different nationalities this week for allegedly running a $ 15 million crypto-ponzi program. According to the police, “many victims” filed a complaint against them.

The victims believed their bitcoins were going to a legitimate company

According to Policia Nacional, the four defendants are Argentine, Spanish and Italian nationals between the ages of 23 and 36. They convinced the victims to transfer their Bitcoin (BTC) by promising high returns.

Authorities say around 380 BTC has been scammed by the suspected scammers, which is roughly $ 15 million at the current BTC price. The victims began to suspect that the four were operating a pyramid scheme when they failed to keep their promises.

The scammers had neither a website nor a huge platform to attract people and relied mainly on verbal advertising. The scammers told their victims that their Bitcoin would go to a company that actually didn’t exist. However, the police did not disclose the name of the fake company.

Police: There could be “many more victims”

The police report shows that one of the fraudsters was hiding in Cuenca due to pressure from several victims who threatened to report him to the police. The report says:

After his arrest, he was handed over to the investigative court, which acted as a security guard in that city. The rest of the detainees were released after hearing a statement at the Alicante police station.

Without disclosing the number of victims, the authorities confirmed that the investigation has not yet been completed as there may be “many other victims”.

In another Spanish crypto-Ponzi program, the defender of the victim of the Arbistar case stated in December 2020 that the fraud had defrauded 32,000 families with losses of at least 93.4 million euros ($ 113.55 million). Carlos Aránguez, a Spanish lawyer representing 130 victims, pointed out that the scale of the disaster caused by the Arbistar Ponzi program is considered to be “the greatest computer fraud” in Spain.

What do you think of this massive crypto scam in Spain? Let us know in the comments below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

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