Cryptocurrency pyramid scheme operator jailed in Spain

     A Spanish court has detained awaiting trial the alleged operator of a pyramid scheme that used a fake digital currency called unete.

In a case, temporary detention is usually established as a preventive measure to prevent the defendant from escaping or destroying necessary evidence.

     Court documents dated Oct. 21 show that Jose Manuel Ramirez Marco and Maria del Pilar Otero Sanchez are both suspected of fraud, participating in organized crime and money laundering.

     In July, Spanish police made their first arrests of 20 people in connection with a pyramid scheme that has swindled an estimated 50,000 people worldwide.

     The scam, Unetenet, began in 2013 and promised investors weekly returns of $1,300 through promotional campaigns and sales techniques.

     According to documents obtained by CoinDesk, victims were defrauded of more than $31 million (€28 million).