Spanish Crypto Influencer Arrested in $300 Million Fraud Scheme
Spanish authorities have dismantled one of Europe's largest cryptocurrency-related pyramid schemes with the arrest of a prominent influencer on November 6, 2025. The operation, codenamed PONEI, involved collaboration between the Spanish Civil Guard, Europol, and international law enforcement agencies from the United States, Singapore, Malaysia, and Thailand.
The scheme, operating under the guise of Madeira Invest Club (MIC), promised investors annual returns between 20% and 53% through purported investments in luxury assets and digital artwork. Investigators found no legitimate business activity, revealing a classic Ponzi structure where new investor funds were used to pay earlier participants. Over 3,000 victims across multiple countries were affected.
The suspect appeared in court on November 7 and was remanded in custody due to flight risk concerns. Judge José Luis Calama ordered provisional imprisonment pending trial as authorities continue to unravel the €7 million fraud.
