Spanish Police Arrest Head of Billion-Dollar Crypto Arbitrage Platform on Fra...

Spanish police have arrested 20 individuals in connection with a pyramid scheme that used a fake digital currency called the unete to attract unwitting investors. The Spanish National Police Corp announced the arrests on 16th July, which took place in Madrid and other parts of the country. Police estimate that the scheme resulted in as much as €50m in losses, ensnaring roughly 50,000 victims worldwide - with 6,000 in Spain alone. Spanish police seized over €5m and approximately $22m from related bank accounts. Two luxury cars and 18 computers were also taken into custody. According to....

Europol worked with Spain’s Civil Guard and Catalan police to arrest six suspects aged in connection with the 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....

The CEO of Arbistar the Spanish investment company, Santiago Fuentes, has been arrested and arraigned on charges of fraud, belonging to a criminal organization and money laundering. Fuentes, who has been in hiding since September, was arrested at one of his properties in the south of Tenerife. The Arbistar Pyramid Scheme Fuentes’ arrest stems from lawsuits filed by Arbistar clients who allege pyramid fraud after the bitcoin trading company abruptly froze accounts leaving 32,000 families affected. During a hearing, the Investigating Court Number 3 of Arona (Tenerife) described....

Spanish police have seized six bitcoin mines that were allegedly in use by a criminal network involved in the illegal distribution of pay-TV channels in Spain. A joint investigation by the Spanish National Police and Tax Authorities with the support of Europol and local German police saw the crackdown of a criminal network making proceeds from the illegal distribution of pay-TV channels in Spain, Reuters reported. The bitcoin mines were put together to launder the proceeds of the illegal pay-TV distribution scheme, allegedly. Spanish police also revealed that the mining operation was....