📅 November 9 | Madrid, Spain
The Spanish Civil Guard has arrested the alleged ringleader of an international crypto fraud network valued at over €260 million, in an operation that could be one of the largest digital financial scams in European history. The suspect, whose identity has not been officially revealed, was arrested in the Andalusia region after several months of investigation coordinated with Europol and Interpol.
According to CoinDesk, the scheme operated under the guise of a digital asset investment company that promised fixed returns of 15% per month, supposedly backed by automated trading algorithms. However, investigators discovered that there was no real investment activity: the profits were paid out with money from new investors, a classic digital Ponzi scheme.
📖 Sources close to the investigation describe the detainee as a charismatic businessman, accustomed to showing off luxury cars, Swiss watches and mansions in Marbella and Dubai. On social media, he presented himself as a “blockchain visionary” and founder of a purported platform called CryptoBull Investment Group.
Authorities suspect that this group operated between 2020 and 2024, attracting capital from small investors and medium-sized business owners seeking refuge from inflation and the collapse of traditional banks. The fraud scheme was so sophisticated that it even used its own tokens and falsified audit reports to gain credibility.
Blockchain tracing by the Guardia Civil's cyber unit allowed them to track more than 8,000 Bitcoin and Tether (USDT) transactions, most of which were moved through unlicensed offshore exchanges in Asia.
At the time of the arrest, officers seized:
15 high-end vehicles, including Ferraris, Lamborghinis, and a Rolls-Royce.
More than €2 million in cash and watches valued at another €500,000.
Digital wallets with nearly 1,200 BTC under judicial investigation.
The Interior Ministry confirmed that the detainee will face charges of aggravated fraud, money laundering and belonging to a criminal organization, crimes that could lead to more than 20 years in prison.
Topic Opinion:
The rise of cryptocurrencies brought freedom and opportunities, but also a new generation of digital scammers who know how to manipulate hope and fear.
The true crypto revolution lies not in promises, but in education and transparency. As long as there are investors looking for shortcuts, there will always be wolves in sheep’s clothing.
💬 Do you think Europe should impose stricter controls on crypto investment marketing?
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