According to PANews, Spanish police have successfully dismantled a Bitcoin-themed pyramid scheme that resulted in approximately $32.6 million in losses for victims. The operation led to the arrest of eight suspects, although it is estimated that over 3,600 individuals were affected by the scam. The Economic and Financial Crime Unit of the National Police Corps (CNP) identified the mastermind as a 'computer programmer' who was apprehended in Malaga. Additional arrests were made in Murcia and Madrid, involving suspects of various nationalities and backgrounds, including marketing and web design specialists.
The criminal group established a seemingly legitimate platform offering Bitcoin investment plans, which they aggressively promoted on major websites and social media. The fraudsters also deceived some victims into relinquishing control of their electronic devices, enabling unauthorized cryptocurrency transfers and the theft of personal and banking information.
During the investigation, authorities uncovered a complex investment network that used funds from new investors to pay returns to earlier investors. Some victims signed contracts with the operators, who promised a 40% dividend after one month and up to 300% after a year. Ultimately, police traced a 'fraud chain' involving thousands of victims across as many as 36 countries.
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