Home Fear & Greed Pools Wallets Dictionary Advertise Facebook Twitter Telegram Reddit Youtube
Market Cap:
24h Vol:
Cryptocurrencies: 13105
Markets: 101189
CoinInsight360.com logo CoinInsight360.com logo
ENG
EST
RUS
TUR
DEU
CHI
KOR
ITA
USD
USD
AED
AFN
ALL
AMD
ANG
AOA
ARS
AUD
AWG
AZN
BAM
BBD
BDT
BGN
BHD
BIF
BMD
BND
BOB
BRL
BTN
BWP
BYN
BZD
CAD
CDF
CHF
CLF
CLP
CNH
CNY
COP
CRC
CUC
CUP
CVE
CZK
DJF
DKK
DOP
DZD
EGP
ERN
ETB
EUR
FJD
FKP
GBP
GEL
GHS
GIP
GMD
GNF
GTQ
GYD
HKD
HNL
HRK
HTG
HUF
IDR
ILS
IMP
INR
ISK
JMD
JOD
JPY
KES
KGS
KHR
KMF
KPW
KRW
KWD
KYD
KZT
LAK
LBP
LKR
LRD
LSL
LYD
MAD
MDL
MGA
MKD
MMK
MNT
MOP
MRU
MUR
MVR
MWK
MXN
MYR
MZN
NAD
NGN
NIO
NOK
NPR
NZD
OMR
PAB
PEN
PGK
PHP
PKR
PLN
PYG
QAR
RON
RSD
RUB
RWF
SAR
SBD
SCR
SDG
SEK
SGD
SHP
SLL
SRD
SSP
STD
STN
SVC
SYP
SZL
THB
TJS
TMT
TND
TOP
TRY
TTD
TWD
TZS
UAH
UGX
UYU
UZS
VES
VND
VUV
WST
ZAR
ZMW
ZWL
America's Social Casino
Market Cap
24h Vol
13105
Cryptocurrencies
60.37%
Bitcoin Share
coinpedia 2025-03-18 07:25:02

Crypto News: $32.6 Million Bitcoin Pyramid Scheme Dismantled by Spanish Authorities

Crypto News: $32.6 Million Bitcoin Pyramid Scheme Dismantled by Spanish Authorities

The post Crypto News: $32.6 Million Bitcoin Pyramid Scheme Dismantled by Spanish Authorities appeared first on Coinpedia Fintech News Spanish police have successfully dismantled a massive Bitcoin-themed cryptocurrency pyramid scheme that defrauded over 3,600 victims out of approximately $32.6 million. The operation, led by Spain’s National Police Corps (CNP) , resulted in the arrest of eight individuals across multiple cities, including Malaga, Madrid, and Meria. The group, consisting of various professionals such as marketing experts and web designers, ran a complex operation that promoted fake Bitcoin investment plans to unsuspecting individuals, many of whom had no prior knowledge of cryptocurrencies. The scam operators made it simple for victims to convert large sums of money, often hundreds or thousands of euros, into Bitcoin. Some victims were even manipulated into surrendering control of their electronic devices, enabling the scammers to perform crypto transfers and steal personal and banking information. Growing Threat of Scams The police first learned of the scheme in 2022 when a victim filed a complaint in Murcia, and the investigation revealed a fraudulent network in which new investors’ funds were used to pay older investors, a typical characteristic of a pyramid scheme. The CNP found that the scammers had promised unrealistic returns of 40% after one month and up to 300% after a year. Investigators discovered substantial Bitcoin holdings in the criminals’ wallets, as well as a worthless token they issued to investors. The scam affected victims across 36 countries, with the majority of the victims residing in Spain. In response, the authorities froze 73 bank accounts, seized vehicles, and impounded cash and computer equipment. The operation serves as a reminder of the risks of unregulated crypto investments and the growing threat of scams in the industry.

Most Read News

Market Cap
24h Vol
60.37%
Bitcoin Share
57
Today News
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.