Fun

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

News Feed - 2021-01-09 04:01:22

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


The Spanish police detained four people of different nationalities this week for allegedly running a $15 million crypto Ponzi scheme. According to the police, “many victims” filed a complaint against them. Victims Believed Their Bitcoins Went to a Legit Company


According to Policia Nacional, the four accused are Argentine, Spanish, and Italian nationals aged between 23 and 36. They persuaded the victims to transfer their bitcoin (BTC) to them by promising high returns.


The authorities say that around 380 BTC were scammed by the alleged fraudsters, which amount to approximately $15 million at the current BTC price. The victims began to suspect that the four were running a pyramid scheme when they did not deliver on their promises.


The scammers did not have a website or a massive platform to attract people, relying mostly on verbal promotion. The fraudsters told their victims that their bitcoin was going to a company, which in fact did not exist. However, the police did not reveal the name of the fake company.


Police: There Could Be ‘Many More Victims’


The police report reveals that one of the fraudsters hid in Cuenca due to pressure from several victims who threatened to report him to the police. The report states: Once detained, he was placed at the disposal of the investigating court acting as a guard in that city. The rest of the detainees were released after being heard in a statement at the Alicante police station.


Without disclosing the number of victims, the authorities confirmed that the investigation is ongoing because there could be “many other victims.”


In another Spanish crypto Ponzi scheme, the Arbistar case victims’ defense lawyer said in December 2020 that the scam had duped 32,000 families with at least 93.4 million euros ($113.55 million) in losses. Carlos Aránguez, a Spanish lawyer who represents 130 victims, pointed out that the magnitude of the disaster provoked by the Arbistar Ponzi scheme qualifies as the “biggest computer scam” in Spain.


What do you think about this massive crypto scam in Spain? Let us know in the comments section below. Six-Digit Bitcoin Prices: Stock-to-Flow Creator Says BTC Value Model "On Track Like Clockwork" FEATURED | 12 hours ago Mark Cuban"s Bitcoin Plan: Run for President if BTC Hits $1 Million, Free Satoshis for Every Citizen FEATURED | 2 days ago Tags in this story Bitcoin Fraud, Bitcoin Ponzi scheme, btc scam, Crypto Scams, Ponzi scam, Pyramid Scheme, Spain


Image Credits: Shutterstock, Pixabay, Wiki Commons Spot-markets for Bitcoin, Bitcoin Cash, Ripple, Litecoin and more. Start your trading here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

Banks in Mexico Pose Greater Money Laundering Risk Than Crypto Firms, Says Report
Banks in Mexico Pose Greater Money Laundering Risk Than Crypto Firms, Says ReportCommercial banks by far pose the greatest risk of money laundering in Mexico compared to crypto-rela
Chainlink Whales Waking Up – Data Shows Signs Of Accumulation
Este artículo también está disponible en español. Chainlink (LINK) has seen a whirlwind of price activity, surging 50% before experiencing a sharp 15% retracement within
Bitcoin, Ethereum Technical Analysis: BTC Hits $30,000 on Tuesday, as ETH Nears $2,000
Bitcoin, Ethereum Technical Analysis: BTC Hits $30,000 on Tuesday, as ETH Nears $2,000 Bitcoin moved above $30,000 on April 11, as bullish sentiment returned to cryptocurrency mark
Turner Wright4 hours agoJudge suggests IRS issued $4K refund over tax lawsuit based on quality of lawyers: ReportA couple who filed a lawsuit over how staked Tezos tokens were taxed has gone to appellate court after refu
Visualize Crypto Transaction Privacy Scores With Blockchair’s ‘Privacy-o-Meter’
Visualize Crypto Transaction Privacy Scores With Blockchair"s "Privacy-o-Meter"On June 24, the block explorer and blockchain data platform, Blockchair, announced the launch of a new
Trump made many promises to Bitcoiners — Can he keep them?
Turner Wright9 hours agoTrump made many promises to Bitcoiners — Can he keep them?The Republican nominee for US president pledged to commute Ross Ulbricht’s sentence, fire SEC Chair Gary Gensler, and have all Bitcoin
Chinese Miner Claims an Ethereum PoW Fork Is ‘Coming Soon,’ Despite ETC’s Existence
Chinese Miner Claims an Ethereum PoW Fork Is ‘Coming Soon,’ Despite ETC’s Existence According to Chandler Guo, an influential Chinese bitcoin miner, a proof-of-work (PoW) ver
Kenyan Insurance Executive Calls Cryptocurrencies Ponzi Schemes, Warns Users This Will ‘End in Tears’
Kenyan Insurance Executive Calls Cryptocurrencies Ponzi Schemes, Warns Users This Will "End in Tears" A Kenyan insurance executive, Julius Kipng’etich has
Blockaid says it caused crypto drainer to shut down, defends against claims of 'false positives'
Christopher Roark5 hours agoBlockaid says it caused crypto drainer to shut down, defends against claims of "false positives"The team defended itself against claims of excessive false positives, suggesting it was so effec
Bitcoin Pulls Back To Daily EMA 8 – Can Bulls Hold Momentum?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
2 Gold-Backed Crypto Asset Market Caps Near $1 Billion, XAUT Jumps 19,000% in 23 Months
2 Gold-Backed Crypto Asset Market Caps Near $1 Billion, XAUT Jumps 19,000% in 23 Months While reserve-backed crypto assets and stablecoin market valuations increased a great deal d
Robert Kiyosaki Says Real Estate, Stocks, Gold, Silver, Bitcoin Markets Are Crashing — ‘Millions Will Be Wiped Out’
Robert Kiyosaki Says Real Estate, Stocks, Gold, Silver, Bitcoin Markets Are Crashing — "Millions Will Be Wiped Out" The famous author of the best-selling book Rich Dad Poor Dad,