Spanish Police Detain Four Fraudsters Suspected of Being Involved in $15M Crypto Ponzi Scheme

This week, Spanish police detained four people of different nationalities for allegedly running a $15 million crypto Ponzi scheme following complaints filed against them by “numerous victims,” according to police.

According to Policia Nacional, the four defendants are Argentinian, Spanish and Italian, aged between 23 and 36, who defrauded victims of their Bitcoin by promising high returns.

Police said the defendants obtained about 380 bitcoins in total through fraud, which is about $15 million at current prices. When the four did not deliver on their promises, the victims began to suspect that they were engaging in a pyramid scheme. The scammers did not have a website or a large platform to attract victims and mainly relied on word of mouth. The scammers told the victims that their bitcoins would flow to a company that did not actually exist. However, the police did not reveal the name of the fake company. (Bitcoin.com)