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Spain Arrests Crypto Influencer “CryptoSpain” in $280 Million Ponzi Scheme
Spain Arrests Crypto Influencer “CryptoSpain” in $280 Million Ponzi Scheme
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BTCCSquare news:
Spanish authorities have dismantled one of the country's largest cryptocurrency frauds to date, arresting a prominent online figure known as "CryptoSpain." The alleged mastermind behind the €260 million (~$300M) Ponzi scheme operated under the guise of the "Madeira Invest Club," which promised investors 20% annual returns through digital art acquisitions.
Investigators found no legitimate assets backing these claims. Instead, the operation functioned as a classic Ponzi structure, using new investor funds to pay earlier participants. The scheme, which began in early 2023, affected over 3,000 victims before being uncovered by Spain's Civil Guard Central Operations Unit.
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